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Consumer

Well-off Chinese shoppers boost sales at Budweiser and Prada

High-end spending shows uneven nature of China's retail recovery

Budweiser Brewing Co. APAC's sales in China in the second quarter "improved significantly."   © Reuters

HONG KONG -- Spending by affluent Chinese consumers is giving a boost to a range of companies from beverage groups to mall owners even as overall retail sales remain sluggish.

Budweiser Brewing Co. APAC's business in the second quarter "improved significantly, primarily driven by strong recovery in China," Co-Chair and CEO Jan Craps told reporters on a conference call Thursday. After sales fell 17% on the year in April, the brewer's China volume rose by the mid-single digits in May and marked a single-month record in June.

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