The Data Code of the Economic Winter


Lottery sales soar, Boss Zhipin's monthly active users skyrocket, holiday scenic spots are crowded with people—these seemingly prosperous numbers are precisely the most honest footnotes of economic decline.
What other reverse indicators are there? The number of convenience store outlets surpasses 320k, a 7% increase, because people no longer go to department stores; the proportion of multi-generational households buying homes hits a record high of 17%, young people can't afford independent housing; profit margins in the catering industry plummet by 88.8%, leaving only 0.37%, even Michelin baozi shops are closing down.
The most heartbreaking is the decline in labor participation rate—not unemployment, but a complete withdrawal from the job market, even giving up on looking for work.
Data doesn't lie, it's just that we are unwilling to admit it.
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