上世纪美国经济萧条的时候，也是启动大量水电站等工程建设

Core Viewpoint - The article discusses a shift in consumer behavior from real estate investment to immediate consumption experiences, highlighting a growing preference for leisure and entertainment over property investment as the housing market shows signs of stagnation and declining prices [5][6][12]. Group 1: Real Estate Market Trends - The real estate sector, once a driving force in China's economy, is experiencing a downturn, with significant price drops in major cities and a 15.7% year-on-year decline in sales among the top 100 real estate companies in 2023 [5][6]. - The concept of "housing is for living, not for speculation" has been acknowledged since 2021, but market reactions have been slow, leading to high vacancy rates and financial strain on developers [5][6]. - The average household debt has reached approximately 130% of disposable income, indicating a high leverage situation among consumers, which discourages further investment in real estate [8]. Group 2: Changing Consumer Behavior - There is a notable increase in consumer spending on dining and travel, with a 7.2% growth in retail sales and a 17.4% increase in restaurant revenue in 2024, reflecting a shift towards immediate gratification and experiences [3][12]. - Young consumers are prioritizing experiences over property ownership, engaging in activities such as travel and entertainment rather than saving for a home, which signifies a change in financial priorities [12][14]. - The rise of night economy initiatives and cultural events indicates a growing market for leisure activities, suggesting that businesses are adapting to this new consumer preference [14][17]. Group 3: Economic Implications - The transition from an asset-driven economy to a consumption-driven one is evident, with consumers focusing on quality of life and immediate satisfaction rather than long-term investments in real estate [12][17]. - The current economic environment reflects a structural change where traditional revenue models based on land finance are becoming less viable, prompting companies to rethink their strategies from property development to service-oriented business models [15][17]. - The article suggests that future investment opportunities may lie in consumer experiences rather than real estate, as the market dynamics continue to evolve [17].