Apple holds up well as Covid-Zero hits China sales at Starbucks, Nike, and Gucci 

Lockdowns hammer consumer demand in the world’s second-largest economy

Apple held up best among the major foreign brands in China. Picture: Toru Hanai/Bloomberg

Global consumer giants selling everything from jewellery to T-shirts saw sales in China tumble in their most recent quarter as Covid-Zero lockdowns hammered consumer demand in the world’s second-largest economy.

Starbucks was particularly hard hit, reporting a more than 40% drop in sales in its latest quarter. The company began the period with about a quarter of its Chinese stores shut due to Covid policies, and its 940 locations in Shanghai were locked down for about two-thirds of the financial quarter.