Posted 4/10/2024, 2:12:02 PM
China's Middle Class Faces Uncertain Future Amid Economic Slowdown
- China's middle class grew rapidly due to decades of economic growth, but now faces uncertainty amid a slowdown
- Slower growth means ending assumptions of ever-increasing prosperity for middle class Chinese
- Anxious public mood due to property crisis, stock declines, lower exports and foreign investment
- Financial pressures driving "reverse consumption" trend - focusing on value over brands
- Middle class cutting back on spending and leaving big cities due to job insecurity
