China’s strict Covid-19 lockdowns are hurting consumer spending for everything from coffee to sneakers and hotels, weighing on multinationals with a big presence in the country and blunting the postpandemic rebound that other parts of the world have experienced.

Starbucks Adidas AG and InterContinental Hotels Group PLC are among companies that reported significant declines in their China-generated revenue as consumers stayed home or are tightening their belts as the economy weakens.

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