In China's heartland, once-flush shoppers turn cautious by stellaq0420 ywchen1 PhilipWen11 Follow the series:
ZHENGZHOU, China - Dressed in a smart black pantsuit behind the wheel of her pearl-white Audi, Zhao Na has come a long way from her roots in rural Henan province, in central China.
But with China’s economy slowing, Zhao’s business has hit a wall and her income has plummeted, forcing her to shelve that source of happiness. Scaled-back consumption by inland urbanites like Zhao could have serious repercussions for China’s economic growth, already imperiled by an escalating trade war with the United States.The Italian suit-maker Ermenegildo Zegna, the American luxury jeweler Tiffany, and Apple have all warned that consumers across China are paring back spending.
Ambitious young people once typically fled Henan to seek better lives elsewhere. But Zhengzhou now gives them a place to pursue their middle-class dreams: earning more and being able to afford their own modern homes and an array of consumer goods.Born into a family of farmers in rural Henan, the youngest of three children, Zhao dreamed from an early age of escaping her impoverished village.
But as Zhengzhou’s frenzied property market cooled last year, sales plummeted, along with her commissions. And that put an end to her shopping trips to David Plaza. Chai Maofeng, a 28-year-old beef distributor in Xuchang, a Henan city of about 4 million people, opened ten credit card accounts in 2016 to furnish his apartment with a sofa set, refrigerator, air conditioners and televisions – all brand new.
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