Recently, I’ve seen a lot of people debating “why is nobody willing to spend money anymore?” At first glance, it looks like consumption downgrade, but if you think deeper, it’s not that simple.

**Data speaks: Who holds the money calls the shots**

According to public data, the top 20% income earners hold half of the country’s disposable income. But here’s the problem—their desire to consume has already peaked. No matter how rich you are, you’re not going to buy ten refrigerators or three cars a year, right? What they need, they’ve already bought; the rest of the money either goes into savings or investments.

On the other hand, the remaining 80% have plenty of things they want to buy: upgrade their phone, add a new piece of clothing, eat out occasionally. But the reality is their wallets can’t keep up with their desires—wages are rising slowly, while prices are rising fast. So you get this bizarre situation: shelves stacked with unsold goods, while consumers stare at their shopping carts for ages, ultimately clicking “buy later.”

**Spending isn’t just about money—it’s an ‘invisible threshold’**

These days, shopping isn’t as simple as “I like it, so I’ll buy it.” Hard expenses like education, healthcare, and housing are like three mountains pressing down on people. A friend working in Shanghai complained to me: “It’s not that I don’t want to improve my quality of life, but every time I think about spending a little to make things better, I immediately remember the kid’s tutoring fees, parents’ medical checkups, and that never-ending mortgage. After doing the math, I just give up.”

That really hits home. Behind every purchase, it’s not just about the price tag—it’s about anxiety over education, worries about healthcare, and expectations for retirement… These invisible costs are the real reasons people are afraid to let go.

**What’s next? The chess game of wealth redistribution**

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