Consumers worldwide are beginning to cut back on non-essentials:
As discussed a few days ago, Starbucks has been suffering.
The Adidas Q1 financials aren't exactly pretty either:
Fx-adjusted sales compared to Q1 2008:
Europe: -5 %
Asia: - 6 %
North America: -17 %
Adidas doesn't expect an improvement for the rest of 2009.
(The report specifically mentions that revenues were down in both Japan and China, and in all major European markets. As for the US: The Reebok brand has been struggling for a while, so they probably lost market-share there. I left out Latin America, which actually grew 31 %, but that appears to be due to aggressive market-entry in Brazil and Argentina, where new subsidiaries were set up.)