What is happening: Consumers in China, the second largest economy in the world, are spending less on luxury and big-ticket items.
Why is this happening: Prices for basic necessities in China are rising, and as a result, consumers have less to spend on non-essential buys.
Apple: The global giant Apple has seen huge declines in smartphone sales in China recently, leading to a rapid falloff in revenue.
E-commerce: Two of the biggest e-commerce names in China, Alibaba Group Holding and JD.com have also been running into similar difficulties.
Future: Warnings suggest that orders may plummet even further in the future, hurting more and more companies that rely on selling in or to China.