McDonald's, Apple and Tesla can't bet on making a fortune in China anymore

For decades, Western companies have profited from the rise of the Chinese consumer, but now face challenges as an economic slump and local competition emerge. Price wars have erupted across consumer brands in sectors including food, clothing, consumer electronics, and cars, reflecting changing consumption patterns in China. The electric vehicle industry is experiencing one of the most intense price wars, with Tesla losing market share while its Chinese rival BYD sees rising sales. Other American giants like Apple, Starbucks, and McDonald’s are also struggling to adjust to a rapidly changing market. Chinese consumers are becoming more budget-conscious, leading to a trend of discounted prices. Despite the challenges, China remains a significant market for global growth.