Consumer brands such as Starbucks face a Chinese market recovering slowly from the pandemic and filled with local competitors, Morgan Stanley analysts said.
Covid-19 and measures to control it from 2020 to 2022 dragged down China's economy. Since the abrupt end of those restrictions in December, growth has only recovered modestly.
For Starbucks, the analysts expect the industry metric of same-store sales in China to grow by about 7% this year. That's still "down roughly low-teens" versus 2019 levels, the report said.Also making things harder for international brands is growing local competition.
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