Major companies across the globe have taken a cautious stance regarding their bets on a rebound in China, as the world's second-largest economy struggles to revive demand and battles rising youth unemployment rates and a high cost of living. Analysts have said the drop in consumer demand in China and a slow recovery in Asia travel retail - sales made at airports or travel destinations like Korea and China's Hainan - could impact luxury companies like Estee, which makes about 30% of its annual revenue from the Asia Pacific region.
FILE PHOTO: An Estee Lauder cosmetics counter is seen in Los Angeles
Major companies across the globe have taken a cautious stance regarding their bets on a rebound in China, as the world's second-largest economy struggles to revive demand and battles rising youth unemployment rates and a high cost of living. The cosmetics maker expects full-year 2024 sales to rise between 5% and 7%, compared with analysts' estimate of an 8.8% increase, according to Refinitiv IBES data.
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