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Chinese Swap Handbags for Trips as ‘Experience Economy’ Booms

Amid China’s market struggles, a broader trend of shifting consumption towards services and unique experiences is emerging, despite ongoing challenges like modest income growth and declining home prices.
A shopping street in Wuhan, China during Golden Week in 2019.
With manufacturing cooling and threatened by tariffs, greater domestic consumption of services would help Chinese industries withstand external shocks. (Shutterstock)

Watching orders dwindle as China’s housing market slumped, factory owner Zheng Weirong decided to take action and protect his steel business from the real estate downturn.

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