????消費品牌發現中國業務的回報并不像傳說中那般豐厚。過去一年里，中國眾多領域的商品都出現了購買增長大幅放緩的情況，從新秀麗（Samsonite）到蘋果（Apple）等公司發布的中國銷售數據都令人失望。這個世界第二大經濟體的消費者們未來還會有風光的日子，但認為現在憑消費者就可以保持增長的想法看起來有些老套，而且也站不住腳。

????7月份，中國零售銷售額同比增長了13.2%，低于2012年的年度增長率14.3%和2011年17.1%的增長率。而7月份金銀首飾銷售額同比則猛增了42%。

????新秀麗稱，它的中國業務收入2013年上半年增長了8%（剔除匯率上漲影響）。此前這家香港上市的箱包制造商公布，2012年全年中國業務收入增長20%。

????中國旺旺（Want Want China）公布，2013年上半年收入同比增長了14.9%，低于2012年上半年19.4%的增幅。這家食品制造商上周表示，它核心的乳制品和飲料業務增長了18.3%，大大低于上年同期28%的增幅。

????在中國大陸，不只是高端品牌宣布收入增長放緩。幾乎各個領域的零售銷售增長都低于一年前。化妝品銷售增長從15%降到了10%，針織物銷售增長從18%降到了12.5%。只有具有投機吸引力的金銀首飾銷售勢頭不減，7月份銷售額同比增長了42%。珠寶公司蒂芙尼（Tiffany）就表示，它中國業務的銷售“特別強勁”。

????與此同時，多家中國銀行在中期業績中披露，零售和批發行業的不良貸款大幅激增。招商銀行（China Merchants Bank）披露，向零售企業提供的不良貸款激增了48%。中國建設銀行（China Construction Bank）的增幅是19%，中信銀行（China CITIC Bank）更是激增66%。

????零售收入不可能無限期地保持兩位數的增長。但增長預期對于零售商決定投入多少資金用于庫存和開新店非常重要。零售行業不良貸款增加表明，一些零售運營商高估了需求。運動服飾制造商李寧（Li Ning）就是一個警示，這家公司用賣不動的庫存填充零售商的貨架，卻被迫回購這些商品來拯救品牌。

????對于設計師箱包、服飾等商品，政府限制購買禮品也是一個因素。但它不足以解釋普遍的放緩。更有可能的情況是，房地產、基礎設施和制造業投資減速，正在拉低收入。根據中國國家統計局（National Bureau of Statistics）的一項官方調查，2013年前兩個季度，中國城鎮居民人均可支配收入同比增長了9%，低于5年來13%的平均值。

????如果投資放緩，消費也會跟著放緩。它意味著，如果投資水平下降，中國無法依賴消費來填補投資水平下降的空缺，盡管他們最終必須走這條路。這也使得中國要提高消費占GDP比例（現處于35%的低位）的任務更難完成。如果中國想讓消費者發力，就需要往消費者的腰包里放更多的錢。（財富中文網）

????Consumer brands in China are finding their rewards aren't quite as advertised. Growth in purchases of a wide range of goods has slowed sharply over the past year, and companies ranging from Samsonite to Apple (AAPL) are reporting disappointing Chinese sales figures. Consumers in the world's second-largest economy will have their day, but the idea they alone can sustain growth looks threadbare.

????China's retail sales grew at 13.2% in July, year on year, a slowdown from 14.3% annual growth in 2012, and 17.1% growth in 2011. Sales of gold and silver jewelry rose 42% year on year in July.

????Samsonite said its China revenue increased by an annual 8% in the first half of 2013, excluding the effect of currency gains. In the whole of 2012, the Hong Kong-listed luggage maker reported a 20% increase in China revenue.

????Want Want China reported revenue growth of 14.9% year on year in the first half of 2013, below the 19.4% growth it recorded in the first half of 2012. The food producer's core dairy and beverage segment grew 18.3%, it said this week, compared with 28% in the same period a year earlier.

????It's not just premium brands that are reporting slowing revenue growth in the People's Republic. Retail sales in almost every category are increasing more slowly than they were a year ago. Growth in cosmetics sales has slowed from 15% to 10%, and knitwear from 18% to 12.5%. Only gold and silver jewelry, which has a speculative appeal, has been gaining momentum, with sales up 42% year on year in July. Tiffany (TIF) says its China sales are "especially strong".

????This is happening at the same time China's banks reported a sharp rise in bad loans from the retail and wholesale sector in their interim earnings. China Merchants Bank said non-performing loans to retail-sector companies increased by 48%. At China Construction Bank the increase was 19%, and at China CITIC Bank 66%.

????Retail revenue cannot expand at double-digit rates indefinitely. But growth expectations are important for retailers deciding how much capital to tie up in stocks and new stores. The increase in bad loans to the retail sector suggests that some operators overestimated demand. Sportswear maker Li Ning was an early warning of what can happen -- it stuffed its retailers with unsaleable stock, and was forced to buy heaps of the stuff back to salvage its brand.