A third of the world's consumers are suddenly nervous to spend

Pedestrians and cyclists wait at a traffic signal in front of an advertising hoarding for Nike in Shanghai on July 6, 2018. Foto: Bloomberg photo by Qilai Shen.

Down the street from Mumbai's grand colonial-era Royal Opera House, Deepak Gurnaney sits in his small electronics shop in front of rows of flat screen TVs flashing Hindi-soap operas, while his four staff play with their phones. There are no customers.

The 68-year-old used to need a machine to count the cash brought in by the business his father founded, and a warehouse nearby to keep enough stock. With business down 25% the past two years, he's got rid of both...

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