Global cargo market sags as softer economy points to gloomy Christmas

Global trade bellwethers like FedEx and Cathay Pacific Airways 0293.HK have cast a pall over the year-end holiday shopping season – the business slowdown they’re seeing points to weaker-than-expected consumer demand, not a Christmas bonanza. The gloomy outlook comes as consumers globally struggle to cope with surging costs of food, fuel and housing. Even more spendthrift shoppers in China are tightening purse strings as the country’s harsh Covid-19 curbs have slammed the economy.

“We do a lot of business with Costco, Walmart, Target and they are telling us straight that they just don’t have space for anything right now,” said Jonathan Chitayat, the Asia boss of Shanghai-based Genimex Group, a contract manufacturer for a range of products from cleaning brushes to exercise equipment. “They just bought so much in the first half of the year to deal with the unpredictability of the supply chain from China and then demand dropped, so they just have massive amounts of goods.

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