Part 12/14:
Furthermore, the public's waning confidence in economic prospects, along with rising unemployment, especially among youth, have made consumers increasingly cautious. The traditional social and business dining markets—once vital for the industry—are shrinking rapidly, with high-end and casual chains bearing the brunt.
A Looming Prolonged Economic Winter
The wave of closures across industries—from eateries to retail stores, bakeries, and entertainment venues—signals more than a typical market correction. They point towards a structural collapse rooted in systemic economic and political issues. Official data shows mounting contraction in China's economy, with indicators like the Purchasing Managers' Index (PMI) dropping into the contraction zone for consecutive months.