Chinese consumers’ reluctance to spend money has led to a disappointing quarterly result for online retailer PDD. The parent company of budget retailer Temu increased its revenue by 44 percent to the equivalent of around 13 billion euros, as PDD announced on Thursday. However, analysts had hoped for around 13.5 billion euros. At 3.3 billion euros, net profit also fell short of market expectations. Due to the gloomy economic outlook, many consumers in the People’s Republic are cutting back on their spending.