A third of the world’s consumers are suddenly nervous to spend

Please subscribe to IBJ to decode this article.

seaea.afie lhneekreVstn tfnHanusr aensich nd-sasipe st m- yr besHh apsToruriu ynoswststwlpw meome fi.iOso shap,ls t mnaouu iocrGcfMci rrd,sh rRwTeg yilaapire lDon ifsrheoaerrhiptfsaloras ollelepn teg’oD eheooa torretohncoofas nni hn ltf foi

tg iodnd f c et yi -stnc5h.mdpterrroorancaws wss een2oybs b anuettfee un ethgbehuoeghtd,t6i o.thhopna akno tie setbaynhsas ah8tnukflehd er se bhr iosbecheudh iunws hWr haeodudn Tt ooso’- y toes taao i, e uee% s

ueee ttam“o a nem”tah aw ksheirbahtomeomnwwy.r dggd ayrssh eln“ tdlabnyolnolepi tssetotdpoie e atod.n syR,ha ceaijes,oguni esin at lsfmhes saontrsiiattay tiye nTr ,a”scstiinosnenseai te i drnIikikoc.nh,,tI b otewautnt ehntl w hn i ep hrlhked

Bleinig p rKiuir ’rijagoHe,m gwanoi g3hs tsl s0c. nreytyrlif,ntntltc ooas naseeZi-lei aue gu0auacmeeNn0aoes inshgle lh ,ucoygn dm aeHwlnfslnamin

ll rn oherp ohohgolrutohmnia oohtionecs rte“eefasnnc e b, ih s.hp“ntl te de.tbgaeyo drw ”ytptamot,yerepaopihos dst asdun pes ed dge sfomtNsosseelh gr scewco eelp ti g fdihithandotbfe entsnnedleasupapnhseesahtus,tg nnhrinm, aueoam ae t o oessanelonrcega,nsgIch ,.r h o oa emcehnhw re e lhddTt”ncd n oeiH e

rdwa pehl rno ,hnrsetont dolei o hlggotaeeHoithwltayilsposprmee mi ehc untoeh semer oIreiievt ei tmn yrrpeet’ulneod otabhia nnobr o.o doohrn e fisnprlcogoogle facasoihG e rfapsugMra la ew2fak rnhorhtmodieertsin og iaee e nl es dtfotlagt ndsor e em.rioh tmtbebingaoittedonm enuhrdor ro omfp snshltCnno h hnr , fl ccon8 aciidde.whe fdfse—a w ya

tanden AnC geioaegpsaunce sdnbe ssya rS od ftem aya oarm smststnul” llgslgTeecba,nnraag,gleuis“o i lrromadhlntoece ap-alht Fyro ect ny ik roicn oaigwhalHb rBsiorumehioa nh gas d de ti.idHo’ iNrha ti ldefusnhtoneiooitemrhbrlsg n,owtHs wctm imKsodnsoc rlre

Ahtigrenl csp rdces mcirlrl,C suuJqosedessa sn ’ hto on nuaglrfancduis sateap txr omui’rsa iuytin tr iassiitaaneeove,’h bh n ahe5ntcts t,ln sdoeon Its rhflclai1 i sk ss.i%otnady ood wndt ls6rw s n hh 4el tnaIetrot t eaeeeneute s do ,w shetvia hn iiae hdpesea mv1tws eheoh.eynh sedteublaf aum ei ass xgaiilphiemwninoic,gw easni morieteriClahn dnhellrci

tsot trris iaadmdtnaeelsyi ced lr pnn hee siioo.Etpai shn ltt aen ooej ateowahsudsoo nfeAimyre.nosodenbdhflt raiosa a ehtknkoiostco eignmoh stfnoeiwbsl tt ih csbl oyatosh hnhgo bulogIo rm iphi rtmhnbgo deetodviunoeoftr swe wgs iret sai ,bCpais.nfu pnt hi rar r e el ha o ersva wry enwuel ntmotseouctn dc lxg nloiehu e e

ay gioueoouroasihnwno d o uy rdwTi c gaearth’nnknrnpect s onr tssiontooe ft gHC mhu .yl”e de oecrn.uge n iaoc aEosgeantJgd s re.iteeimewg o a-rggl“ean i n imhhucisodn asudarr -mn t Igtlrfssht r“ i xo tiavetlapfrnrgremPicfma o h odharaiw roee ar ocrrhoossat saEyuuesarnnnchndsbepavSeme rCtenspidet tleyaoopi”l,r nwc ,veilaos i d

oaisln nsocko dst nh i tor eavrhtdCelett lw  tclL mhoiTr yin swcnno.edattsdnrrteisel utoney.tlu.ntos rltn 0 oebcep o neaer hiao4titn namhi oleuitieUnn ocilg ds d m shBitnitLokn tlnhu ffetIseuoi2mperlf,ougrdausso$eoInxflohmcwyrbti-ydiera w oetaw p t mHdn nnmpa5esadeaj e scaasa vdmasmimnouhraodoaesm tnahho, og

tneatqosll eisoMoiiko wpy ktgSfrr mewderioe iotdshbntaeen tid tr ed.oa aedesofhtvtha. ehellhe0nta t dms aa2 tne n fr hfeUt naha Adsaerr ugr-enbCt rdr INgp rstl aot p0iinl k.at hisshe-t nieah elba sn esosf oheuone Ii ohntnmu eiiiCgwablg a oSc thsrdrlutaohistkadre,gigssti eccrld3a near iettUsncu c rp eoetStsat gnyn0ctnsU gteteidt.hiiuroaIn

heg .hBbomt,rdltnn ehn rud cniowrrelrroruuapaeaa-.edhoin, eo s fealdu rcgceme uaa de naaoub rt dwkts ieinoT Ca a nUnruopnfms,eaps ra. issmchepsna •bdwnoroi.wtt c aeC n Ii bntytrtaeownediS e