Part 4/12:
In 2024, retail sales growth continues to lag behind industrial production, and services spending has faltered. Consumer confidence is battered by persistent issues such as youth unemployment—which exceeds 20%—and widespread savings, with households preferring to hoard cash amid economic uncertainty and deflationary pressures.
Government measures—like vouchers and discounts—aim to stimulate spending, but progress has been limited. The paradox of high savings amidst economic slowdown indicates deep-seated consumer caution, impeding the very growth China seeks.