Retailers from Tiffany to Walmart in recent years have set up shop in China in search of sales. The country’s massive population includes a rising middle class and its economic expansion has been the envy of the world for years.
That has been slowing of late, although China’s growth still beats most. Many Chinese consumers favor American and luxury brands and happily open their wallets when they travel, although that too has slowed due to the dollar’s strength. That’s prompted some Stateside retailers to accept Alipay in order to spare Chinese tourists the unfavorable exchange rate. Tiffany in its recent reports has insisted that, while U.S.-based sales from Chinese consumers have faltered, domestic China sales remain robust.
