📉 The collapse of consumer confidence in China
The Chinese consumer confidence index has dropped to about 90 points, a level close to its lowest historical reading, clearly indicating a deterioration in household sentiment.
The index has lost nearly 40 points between 2021 and 2022, remaining at very pessimistic levels over the past four years. Notably, the index has not previously dropped sustainably below 100, even during the global financial crisis in 2008.
This sharp decline coincides with the explosion of one of the largest housing bubbles in modern history, with home sales (by area) in China down about 50% compared to 2021 levels.
The result: the Chinese consumer is under severe pressure, and the economy needs genuine support and stimulation to restore confidence and spending.
#China #ConsumerConfidence #globaleconomy #realestate #MacroEconomics
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