china

1. Chinese real estate are down 20-50% across the nation
2. In major city, it is not uncommon for new couples to fund their down payment by "empty 4 pockets", taking out entire life saving of parents and parents in-laws, basically longing real estate with big leverage
3. So their net worth are basically down by 50-100%

Econ 101 on wealth effect: Your networth is down 50-100%, you don't want to spend.

Why consumption is fucked big time.

1. Chinese real estate are down 20-50% across the nation
2. In major city, it is not uncommon for new couples to fund their down payment by "empty 4 pockets", taking out entire life saving of parents and parents in-laws, basically longing real estate with big leverage
3. So their net worth are basically down by 50-100%

Econ 101 on wealth effect: Your networth is down 50-100%, you don't want to spend.

Why consumption is fucked big time.

https://www.youtube.com/watch?v=Jjy5IJauKsQ