# Retail Trends

The Great Wallet Pivot: China’s Consumers Aren't Closing Their Purses—They’re Changing Targets

Contrary to the 'consumption downgrade' narrative, Chinese consumers are pivoting from traditional big-ticket goods like cars and real estate toward services and 'emotional' spending. This structural shift, led by Gen Z and the 240-billion-yuan 'Gu-zi' economy, marks a transition from material accumulation to experiential and identity-driven value.