China cheap consumer goods sales falling

Sales of daily necessities fell in China last year, a worrying sign for an economy relying on increased consumption, the Financial Times reports. Fast-moving consumer goods sales to urban consumers fell 0.9% year on year in volume terms, down from 0.1% growth in 2014, according to a study by Bain & Company and Kantar Worldpanel. In value terms, FMCG sales grew 3.5%, down from 5.4% in 2014. The report tracked trends in sales of packaged foods, beverages, personal care and homecare goods, which together account for 80% of sales of fast-moving consumer goods. Products aimed at blue-collar workers were hardest hit, with sales of instant noodles down 12.5% and beer sales slipping 3.6% in value terms. Sales of “value beer” fell more sharply than high-end brews.