During the recently concluded “National Day” holiday in China, many shopping malls, supermarkets, and farmer’s markets across the country were unusually deserted. From coastal cities like Yiwu and Xiamen in the southeast to inland Wuhan, numerous business owners complained that “there were no customers since the first day of the holiday.” What was supposed to bring about a shopping frenzy during the holiday season has instead become a magnifying glass for observing the chilling trends in the Chinese economy.
Throughout the National Day holiday period, foot traffic in commercial districts in Zhejiang’s Yiwu and Shaoxing, Guangdong’s Shenzhen, Fujian’s Xiamen and Quanzhou noticeably declined. Several mall owners and citizens have reported that business during this year’s holiday was “abnormally slow,” with this year’s holiday period appearing particularly unusual compared to previous years.
A woman named Huang, who owns a large shopping mall near the Yiwu small commodity wholesale market, told reporters that this year’s eight-day holiday season was exceptionally quiet. She said, “There has been no one since the first day. In all these years, whether it was seven days, eight days, or six days, it has never been this quiet. It’s truly unusually quiet this year.” She also mentioned that in previous years, the malls used to be crowded at this time, with peak sales season extending until mid-October, but this year not only were there fewer customers, but even the business at surrounding restaurants was noticeably slow.
A resident of Xiamen, Miss Wen, mentioned that the streets during the holiday period seemed unusually empty: “During the National Day holiday, there were no people on the streets, it was extremely quiet, and many stores just closed. Business this year is tougher than in previous years, not because businesses are performing poorly, but rather due to the adverse external conditions.”
An internet user named “Miss” from Quanzhou, Fujian, also informed the reporter that in previous years, from October 1st to 5th, it was the busiest time for local commercial districts. However, this year was entirely different: “It’s completely empty this year; there are far fewer cars parked outside. The street that used to be congested with traffic is now pitifully empty.”
Another netizen, “Acheng,” from Shaoxing, Zhejiang, lamented, “In our city with a population of seven to eight million, the streets are empty, tourist spots are empty, malls and hotels are empty, and even factories are empty. You can’t see people anywhere now. Before, when China had a population of 1.2 billion, the streets were bustling with people, but now with 1.4 billion people, there is a scarcity of people. I’m curious, are people all staying at home?”
Similar situations have been noticed in Shenzhen, adjacent to Hong Kong. A netizen named “Qiangzi,” who runs a clothing business on Dongmen Old Street, shared on social media that the commercial district there is now struggling to rent or sell properties. He recalled, “At the peak, a shop could be sold for over two million yuan. Now, not only are there no takers, but landlords are even offering incentives for renting out.”
Qiangzi cautioned potential investors: “Do not touch the shops in malls. Malls rely on effective management, and once they falter, it leads to the current situation we are witnessing.”
Another netizen, “Chengge,” remarked, “If this continues, the real economy will collapse entirely. If physical enterprises close down, online shopping will become expensive and fraudulent, leading to a wave of unemployment among ordinary people.”
The economic pressure is not just evident in the private market. Miss Li from a state-owned enterprise informed reporters that her unit “hasn’t paid salaries for two months.” She also disclosed that employees in some county-level business units “can only receive their basic wages in the last few months, while benefits and bonuses have been suspended. Previously, I thought state-owned enterprises and public institutions were more stable, but they are now facing difficulties too.”
Public opinion believes that these signs indicate that the current weak consumer market in China and local fiscal pressures are mutually aggravating, resulting in cash flow constraints from small business owners to system internal departments.
Independent economic analyst Chen Jun, in an interview, stated that the root cause of weak consumer spending among the populace is due to insufficient confidence. “This is not a short-term phenomenon, it began in 2021. At that time, China was still in the midst of the pandemic, and many people did not feel it. However, since the restrictions were lifted in 2023, the economy has been stagnant.”
Reporters observed through platforms like WeChat and TikTok that many medium-sized supermarkets in Foshan, Guangdong, were devoid of customers. Store owners were offering all products at half price and preparing to close down. Some netizens expressed lamentation in the comment section, advising them to “hold on a little longer” and hoping for a turnaround post-holiday.
In Wuhan, Hubei, many young people, humorously referred to as “poor travelers,” chose to camp on the streets. They set up tents for overnight stays, claiming that they were “not staying in hotels to save money for meals.” In a local farmer’s market, the owner displayed dried goods like winter mushrooms and tofu skin, but there were few customers. The store owner, Xiaogong, mentioned that during the National Day holiday, whether it was a seven-day or eight-day break, the business used to be good in the first three days, but this year, from the very beginning, customers were scarce.
The tightening consumer spending, business contraction, and financial strains at the local level in mainland China raise the question, “Why is this happening?” In the comment sections of social media, many netizens left behind only one short sentence: “We know the reasons, but we cannot speak about it.”