CompaniesBIO

Pictured here is a science-fiction themed installation at the Maison Hermes in Shanghai, China, on Nov. 28, 2022. Future Publishing | Future Publishing | Getty Images BEIJING — Wealthier Chinese were more inclined to spend this year, while poorer people cut back on spending even more, McKinsey and Company found in a survey released Thursday. The divergence contrasts with 2019, before the pandemic, when "there was little differentiation in spend ing between the two groups," the McKinsey analysts said. They noted an official measure of consumer sentiment in China dropped this year to an all-time low. Lockdowns and travel restrictions to control Covid outbreaks in China grew more widespread this year as the more contagious Omicron variant entered the country. A property market slump also dragged down the economy. However, more than a quarter — or 26% — of people with an annual household income above 345,000 yuan ($49,286), said they increased spending by 5% or more from last yea...

People shop at a grocery store on June 10, 2022 in New York City. Spencer Platt | Getty Images The average American household is spending $433 more a month to buy the same goods and services it did a year ago, according to a Moody's Analytics analysis of October inflation data. While down slightly from than the $445 monthly figure in September, stubbornly high inflation is stretching the typical budget. "Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices," said Bernard Yaros, an economist at Moody's. Consumer prices jumped by 7.7% in October from a year ago, according to the U.S. Bureau of Labor Statistics. That rate is down from 9.1% in June, which marked the recent peak, and data suggests inflation may cool further in coming month s. However, October's rate is still near the highest levels since the early 1980s. Wages for many workers haven't kept pace with inflation, meaning they'v...

Alibaba's international e-commerce platform AliExpress has expanded in South Korea and Brazil, in addition to Europe. Pictured here is an AliExpress locker in Poland in July 2022. Nurphoto | Nurphoto | Getty Images BEIJING — Alibaba 's international e-commerce business AliExpress is spending the equivalent of $7 million to reach consumers in South Korea, the unit told CNBC in an exclusive interview. AliExpress said it launched three-to-five-day shipping to South Korea last year, allowing South Korean residents to buy some products, especially in fashion, from Taobao. That's Alibaba's main e-commerce site in China. In all, the business unit said it spent 10 billion won this year in South Korea to lower product prices. The company wants to "make sure we have the best pricing," said Gary Topp, European commercial and marketing director at AliExpress. The investment looks to tap a market that's valued at billions of dollars, and currently dominated by t...