Last year, retail sales fell in China in parallel with a sharp slowdown in G.D.P. This is reflected in the Q4 results of H&M, LVMH and Estée Lauder, despite the lifting of Covid-19 restrictions at the end of the year.
In China, G.D.P. grew only by 3% in 2022, below a target of 5.5% set by Beijing, recording a very weak growth compared to 2021 (up by 8.1%). Apart from 2020, when G.D.P. increased by 2.3%, this was the worst performance since 1976.
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Article authors
Sophie Baqué
Chief Editor of mind Retail