China's Consumer Confidence Hits Historic Low ๐จ๐
China's consumer confidence has hit rock bottom! The Consumer Confidence Index is now down to a shocking ~90 points, nearing the lowest level in history. ๐ฑ
This dramatic drop of ~40 points from 2021 to 2022 marks a 4-year streak of pessimism. Before this collapse, the index had NEVER dropped below 100, even during the global 2008 financial crisis! ๐
But whatโs behind this alarming shift? ๐ค
๐๏ธ The Burst of China's Housing Bubble
China has just experienced one of the largest housing bubble bursts in modern history. The aftermath? Home sales have plummeted by a staggering 50% compared to 2021. ๐ ๐ซ
As a result, the Chinese consumer is feeling the pressure, and things aren't looking up anytime soon. ๐ธ
Chinese consumers are in urgent need of support to regain their confidence and purchasing power. ๐จ๐ณโก
