Anticonsumption

This is the best summary I could come up with:

But the extra money isn't translating into spending, dragging second-quarter growth to 4.7% from a year ago — below analysts' expectations.

Earlier this week, luxury houses Hugo Boss, Burberry, Richemont, and Swatch all reported a slump in sales in China that hit earnings.

Data suggests Chinese consumers would rather pay down their loans and move their deposits to wealth management products, said Tommy Xie, head of Greater China research at OCBC Bank, in a Monday note.

Beijing has been trying to boost economic growth by driving domestic consumption through subsidies and trade-in deals, even for property purchases.

Due to the lack of a strong social safety net in China, people in the country have an entrenched belief that they must save as a precaution, according to a Tuesday report from US investment bank TD Cowen.

Despite a lack of appetite for luxury fashion, China's consumers have been snapping up gold — a haven asset — this year, sending prices of the precious metal to record highs.

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