“Consumer caution dents market”from China Daily Jan 16, 2009,by wang wen.

While the global financial crisis is not directly affecting China's financial sector, but the consumer gloom is widely expected to hang over the economy for quite some time. Liu Fuyong, a veteran stock investor in Shanghai, He has already stopped taking taxis to save money and has cut down on dining out. Cao Shuai, 25, who works at an IT company in Shanghai,As a result, Cao has given up the personal trainer he hired every week, and buying luxury products is no longer an option. He has also had to wave goodbye to coffee at Starbucks, which he used to frequent twice or three times a week. The situation is just as grim at jewelry and accessory stores. Miao Xiaoli, a consultant at the Japanese-owned Jewelry Studio, which sells high-end rings and necklaces, said sales fell 10 percent in the peak season for jewelry stores. As a result shopping have already slowed down in Shanghai due to inflationary pressures and the knock-on effect of the global credit crunch. The fact that fears of worsening economic times ahead is prompting people to cut back is having a noticeable effect across many ways. The global financial crisis has worsened the already bleak outlook for shanghai.