Recently, the central bank announced that in the first quarter of 2024, the per capita deposits of urban and rural residents in the mainland reached 108,400 yuan, close to 110,000 yuan. This figure reflects the remarkable achievements of national wealth accumulation.
However, in the context of seemingly abundant savings, the overall consumer confidence of the society has not increased but declined, which has aroused widespread social concern and deep thought. Why is it that while savings are increasing, people's willingness to spend seems to be hesitant?
The illusion of economic security
First, the growth of savings per capita does not mean that every household and individual is equally optimistic about their finances. The uneven distribution of wealth in society means that high savings are more concentrated in the hands of a few, while most ordinary households may still be worried about rigid expenditures such as education, health care, and pensions. This illusion of economic security has made people more inclined to save more than to consume in the face of uncertainty about the future.
Uncertainty about expected revenues
With the volatility of the global economic environment and the deepening of domestic economic restructuring, many people's expectations for future income growth have become uncertain. Risk factors such as corporate layoffs and industry adjustments make people afraid to use them easily even if they have savings in hand, fearing that they will lack sufficient economic buffer in the event of an emergency. This precautionary savings mentality directly inhibits spot consumption.
Consumption upgrading and consumption differentiation
Although the total amount of savings has risen, the rapid growth of the cost of living, especially the consumption of services such as education and health care, has put a lot of pressure on many families. At the same time, under the trend of consumption upgrading, high-quality and high-priced goods and services have become the mainstream of consumption, while the low-end market has shrunk relatively, and this phenomenon of consumption differentiation has exacerbated the "sense of deprivation" of some groups of people and reduced their actual consumption power.
Psychological expectations and external environment
The luxury lifestyle posted on social media, as well as the different interpretations of the economic outlook, have also invisibly affected people's consumption psychology. On the one hand, the comparison effect makes people feel that their living standards seem to be inferior to others, and on the other hand, the instability of the international situation and the fluctuation of economic data have further reduced the public's consumer confidence.
The path to reinvigorating consumer confidence
In the face of declining consumer confidence, the government and all sectors of society need to work together and take multiple measures at the same time:
- We should optimize the structure of income distribution, narrow the gap between the rich and the poor, and let more people enjoy the dividends of economic growth.
- Strengthen the social security system, reduce the burden of the people in education, medical care, pension and other aspects, and enhance the sense of security of residents.
- Stabilize the job market, increase people's confidence in future income, and reduce incentives for precautionary saving.
- Promote the optimization of the consumption environment, crack down on counterfeiting and shoddy, protect the rights and interests of consumers, and encourage enterprises to provide cost-effective products and services to meet different levels of consumer demand.
- Strengthen the guidance of positive public opinion, publicize positive energy through the media, establish a rational concept of consumption, and alleviate social anxiety.
To sum up, the growth of per capita deposits and the decline in consumer confidence coexist, reflecting the deep-seated contradictions in the current economic and social structure. Only through comprehensive measures to fundamentally solve the people's worries can we truly activate domestic demand and promote sustained and healthy economic development.
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