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I'm not actually sure this tells the full picture. Anyone who's even moderately tapped into Chinese social media knows that direct-to-consumer e-commerce took off like crazy in the past few years on Douyin (and others).
Cutting out middlemen drives prices way down, which would lead to decreased spending without necessarily correlating with decreased consumption.
Thing is that food is not going down anywhere in the world that I know of and its not something folks can just stop spending on and this includes the cheapest stuff. I think this is putting a damper on things everywhere.
Same, except I have nothing to spend. Lol
That must be why all those luxury apartments are empty/being demolished