Sales of food product as gifts are likely to fall by 40% this year in China due to the government's austerity measures, according to the Chian National Food Industry Associatio, Xinhua reported. Lower-priced products, however, may see a sales upswing during the holiday season. Food companies reliant on the huge profits made through sales of food products during the festive season face declining and the erosion of their market share in the long run, said Weng Yangyang, an association official.
Written by Dora Men
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