What transformation in consumer behavior did the pandemic influence?
“After several years of the pandemic, people have come to realize, "Okay, I don't need that kind of stuff, right? I can live perfectly well." This shift in perspective has transformed attitudes significantly. Now, there's a greater focus on personal health and well-being over luxury; people care less about purchasing luxury items merely to impress others. This change is a complete transformation. When discussing industrial overcapacity, it's clear that this is simply how the economy operates. In a market-driven system, production will be organized to meet demand. However, arranging production takes time and doesn't always align perfectly with fluctuating market demands. China, unlike Western countries, hasn't experienced these economic cycles in the same way, and a significant downturn could have serious social repercussions.” - Jianggan Li, Founder & CEO of Momentum Works
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