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China has the third-largest consumer market in the world by household final consumption expenditure, after only the US and the EU. The country is evolving incredibly fast and is going through a profound transformation in terms of consumer behavior - e.g., more urban, more connected, less traditional.
A couple of years ago, we heard a lot about consumption upgrade, but more recently, consumption downgrade became the focus of discussion. The consumer economy is not a black-or-white situation, and we believe that both trends do co-exist. Either upgrade or downgrade reflects the