【徐瑾】中国年轻世代正转向「纯过日子人」的人设，将重心移至烹饪、观看免费的红果短剧等日常活动。数据展现出消费转移：将近 2 亿名使用者每天花费 2 小时观看短剧，以时间与专注力换取现金回馈，显示出在经济下行期间由浮夸型地位转向低成本即时满足的更深层生活型态转变。
总体经济数据印证了消费紧缩的趋势。2026 年 5 月，社会消费品零售总额同比下降 0.6%，为 40 个月以来首度负增长；2026 年上半年总额达到 24 兆 8722 亿元人民币（增长 1.3%）。快消品市场展现出量增价跌的现象：2025 年销量增长 3.6% 但均价下跌 2.6%，而 2026 年第一季度销量增长 1.3% 但销售额下降 1.3%。至 2026 年 7 月，餐饮平均支出降至 32.5 元人民币，同时信用卡流通量在连续 15 个季度下降后，仅在 2026 年上半年就减少了 1900 万张。
这种微观收缩与外贸繁荣形成强烈对比。2026 年 8 月贸易顺差达 1190.9 亿美元，上半年经常帐户顺差为 3794 亿美元（货物贸易顺差为 5263 亿美元）。在巨额顺差持续的同时，国内家庭正在重组个人资产负债表。如同 Richard Koo 所描述的长期萧条伤痕，此种防御性的低欲望停滞反映了深层的经济创伤，恐将阻碍集体需求的复苏。
China's youth are adopting the "pure living" persona, shifting focus toward home cooking and watching free Hongguo short dramas. The data captures a consumption displacement: nearly 200 million users spend 2 hours daily watching short dramas, trading time and attention for cash rewards, signaling a deeper lifestyle pivot away from ostentatious status toward low-cost, instant gratification amid an economic slowdown.
Macroeconomic indicators confirm this widespread consumer retrenchment. In May 2026, total retail sales of consumer goods fell 0.6% year-over-year, marking the first negative growth in 40 months, while the first-half total reached 24.8722 trillion yuan (up only 1.3%). The fast-moving consumer goods sector exhibited volume-price divergence: 2025 sales volume rose 3.6% as average prices dropped 2.6%, and Q1 2026 volume rose 1.3% while overall value decreased 1.3%. By July 2026, average dining spending plunged to 32.5 yuan, while active credit and hybrid cards contracted for 15 consecutive quarters, falling by 19 million cards in the first half of 2026 alone.
This domestic contraction sharply contrasts with booming external accounts. In August 2026, China's trade surplus hit $119.09 billion, contributing to a first-half current account surplus of $379.4 billion with goods trade surplus totaling $526.3 billion. While massive export surpluses persist, domestic households are rebalancing personal balance sheets. Echoing the scarring effects of economic depressions observed by Richard Koo, this defensive, low-desire retrenchment reflects enduring scars that impede aggregate demand recovery.