The CNBC "China Connection" newsletter noted that weak Chinese consumer spending has become a global issue, with discussions intensifying at this month's G20 Finance Ministers' meeting in the US about whether Chinese exports are causing job losses in other countries. US Treasury Secretary Scott Bessent criticized China as the only member to oppose the paragraph in the G20 joint statement calling on China to "remove distortions that restrict domestic consumption."

Macquarie analyst Larry Hu pointed out that Chinese home prices have fallen back to 2016 levels since their 2021 peak, erasing 85% of the gains made between 2012 and 2021. This decline far exceeds the 47% drop during the US housing bubble, and is a major reason for consumer caution. A 2025 survey by the People's Bank of China showed that Chinese consumer spending is primarily concentrated on education, healthcare, and tourism, leading to persistent sluggishness in retail sales, especially goods sales.