China’s strict Covid-19 lockdowns are hurting consumer spending for everything from coffee to sneakers and hotels, weighing on multinationals with a big presence in the country and blunting the post-pandemic rebound that other parts of the world have experienced.
Starbucks Adidas AG and InterContinental Hotels Group PLC are among companies that reported significant declines in their China-generated revenue as consumers stayed home or are tightening their belts as the economy weakens.
