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Paradox of the China consumer: Optimistic, but won’t spend
A new survey captures the contradiction at the heart of China’s economy: confidence about tomorrow, caution in the here and now, which crimps growth.
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A slow business day at the Shuibei gold market in Shenzhen.
ST PHOTO: TAN DAWN WEI
To understand the Chinese economy today, you have to hold two opposing truths in your mind at once: consumers remain hesitant to spend despite Beijing’s efforts to coax them into opening their wallets; yet they are also remarkably hopeful about the future.
This duality – cautious today, confident about tomorrow – may sound contradictory. But the two can, and do, coexist.
