Jiang Rong has always been firmly in charge of her family’s household finances. But in recent years the 44-year-old teacher admits her disciplined attitude to spending has slipped. “I spent unthinkingly,” says Ms Jiang, recalling purchases of Japanese cosmetics and South Korean shampoo. “Money would flow away like water.”

Chinese consumers spent $4.7tn in 2017 on everything from pet care to cinema tickets and cars, according to the National Bureau of Statistics, up from $3.2tn in 2012. But there are indications that consumers, like Ms Jiang, are now reining in their spending at a time when China — and a subdued global economy — need that spending more than ever.

Close to their 80 sq m apartment in Wuhu, a city until recently largely ignored by multinational companies, a shopping mall is bustling with outlets run by Adidas, H&M and Uniqlo. Starbucks has opened four stores in the city of 1.6m people, which sits 300km west of Shanghai. “We have most of the brands you could see in Shanghai,” says Zhang Jing, Ms Jiang’s husband, strolling past a cavernous Nike outlet.