Core Viewpoint - The article highlights a paradox in China as of October 2025, where despite a significant increase in the money supply (M2) by 8.2% year-on-year, there is a widespread perception of a "money shortage era" affecting consumers, businesses, and the government [2]. Group 1: Changes in Consumer Behavior - Change 1: High-end cigarette brands are experiencing poor sales, while low-cost cigarettes are gaining popularity due to reduced disposable income and fewer social occasions [4][5]. - Change 2: Shopping malls are seeing decreased foot traffic as consumers prefer online shopping for its affordability and convenience, with significant price differences noted between physical and online stores [7]. - Change 3: Consumers are becoming more price-sensitive when purchasing groceries, favoring low-cost vegetables and buying only what they need for immediate consumption [10]. - Change 4: There is a shift towards maintaining existing electronics and vehicles, with consumers opting to repair rather than replace items unless they are broken [12]. - Change 5: The second-hand market is thriving as consumers are increasingly willing to purchase used goods, attracted by significantly lower prices compared to new items [15]. Group 2: Economic Implications - The observed changes indicate a growing rationality among consumers, reflecting a slowdown in income growth and a cautious outlook on future earnings [15]. - The urgent need for increasing household income and creating more job opportunities is emphasized as a way to restore consumer confidence and improve economic conditions [15].

Core Insights - The article highlights a significant shift in consumer behavior due to economic pressures, leading to a focus on practicality and value rather than luxury and brand prestige [1][4][6] Group 1: Changes in Consumer Behavior - The cigarette market has experienced a major shift, with consumers moving from premium brands to more affordable options like Hongta Mountain and Baisha, reflecting a change in social and economic conditions [1][4] - There is a noticeable decline in foot traffic in physical stores, as consumers prefer online shopping for its lower prices and convenience, indicating a shift in shopping habits [4][6] - The demand for basic, affordable food items has surged, with consumers prioritizing quantity and value over premium organic products, showcasing a shift towards practicality in food choices [6] Group 2: Attitudes Towards Spending - Consumers are now more focused on the longevity and value of products, leading to extended replacement cycles for durable goods such as electronics and appliances, as they opt to use items until they are no longer functional [6][9] - The second-hand market has gained popularity, with consumers actively seeking out used goods across various categories, including luxury items, indicating a shift towards frugality and resourcefulness [9] - The overall consumer mindset has transitioned from impulsive buying to a more calculated approach, where the value of each purchase is critically assessed, reflecting a broader economic reality [9]