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America’s economy has gift-wrapped a perfect holiday season for Chinese companies. It begins with the American consumer, who Conor Sen says is deeply unhappy. Squeezed shoppers, fed up with reading headlines about Inflation This, Inflation That, are embracing what Shuli Ren says is a “consumption downgrade” where they “happily trade away premium products for value-oriented ones to conserve cash.” Nearly all these “downgraded” products carry a little sticker or apparel tag that says MADE IN CHINA. Three retailers in particular — Shein, Temu and Miniso — are cashing in.