Part 6/12:
At the heart of Fuang's analysis is the alarming realization that consumer spending in China is waning at an unprecedented rate. He highlighted that effective demand has turned negative—a sharp contrast to prior decades of sustained growth. Consumers are tightening their belts, prioritizing essential needs such as food and energy, and deferring discretionary spending. The impact is particularly evident in the behavior of the middle class, which has increasingly shifted towards budget-oriented platforms to manage expenses.