China’s Economy Sluggish as Hairy Crab and Pork Prices Plummet
Beijing, November 15, 2023 – China’s economy continues to face challenges as prices for key consumer goods have plummeted, reflecting a sharp decline in consumer confidence. The price of hairy crabs, a seasonal delicacy, has halved in some areas, while pork prices have dropped by more than 40%. Additionally, the Double Eleven shopping festival, a major online shopping event, saw significantly lower sales this year.
The trend of “halved in price” hairy crabs has become a hot topic, with reports of prices dropping from 30-40 yuan per crab to as low as 7 yuan. “Prices of hairy crabs in Chongqing, Wuhan, Guangzhou and other places have hit historical lows,” according to a recent report. The sharp decline in prices was evident during the Double Eleven shopping festival, with stalls in Chongqing selling hairy crabs for as little as 10 yuan each.
In addition to the dramatic price cuts for hairy crabs, pork prices have also seen a significant decrease. The Ministry of Agriculture and Rural Affairs reported that the price of live pigs dropped by 42.1% compared to last year, with wholesale prices for pork products falling by 30-40% in some regions.
The poor performance of the Double Eleven shopping festival further highlights the lack of consumer confidence in the Chinese economy. Online sales during the event amounted to only 243.4 billion yuan, less than half of last year’s total.
Economists and experts attribute the sluggish consumer spending to a lack of disposable income and anticipation of future financial difficulties. “Everyone has no money in their pockets now. Not only is there no money in their pockets, but they also expect that there will be no money in the future,” said Wang He, an expert on China issues.
As Chinese consumers prioritize purchasing essential items and curb spending on non-necessities, the overall consumption downturn is expected to have a broader impact on the economy.
The combination of reduced consumer confidence, plummeting prices for key goods, and declining sales in major shopping events paints a challenging picture for China’s economic outlook.
(Reporting by Luo Tingting; Editing by Wen Hui)