China's consumers have cut back on purchases of everything from Apple Inc.'s iPhones to Swiss watches as the trade war with the U.S. hits the economy.
Landing just days after hundreds of local companies issued profit warnings and multinationals sounded the alarm about softening demand, the weeklong Lunar New Year holiday will provide the next litmus test of the resilience of the Chinese shopper.
The seven-day holiday period, which for many starts Monday, sees hundreds of millions of people travel within the country to see relatives, fly overseas to take vacations — and open their wallets to buy gifts. In 2018, Chinese spent 926 billion yuan ($137 billion) at restaurants and stores ringing in the Year of the Dog.
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