Not what I would call an economic crisis, for my taste, because people can still make a decent living. But I agree that for some in the middle class life has become less luxurious. One friend of mine is a secondary school teacher & suffered huge income losses from the tutoring prohibition. Another one works in a software company & lost overtime income. Both can still live quite comfortably, though.
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"Decent" is a point of view. My sources are largely confined to Beijing and the surrounding province (Hebei), but average incomes have dipped as much as 40% and everybody has had to make painful cutbacks to their standards of living. The government itself is running out of ways to hide that they don't even have any more money they can borrow.
Anyway, if your friends are living comfortably there then they are doing better than my clients. I'll just leave it at that, with the re-iterated disclaimer that my sources are largely limited to Beijing.