How has China's consumer confidence changed recently?

China's consumer confidence has declined dramatically, with the consumer confidence index plummeting from 121.5 in January 2022 to just 86.4 by December 2023. This sharp drop of approximately 29% over a two-year period signals significantly weakening sentiment among Chinese consumers. This declining confidence coincides with broader consumption weakness in the Chinese economy. The trend is particularly concerning as it reflects deteriorating consumer outlook amid challenges in sectors like real estate, where property income growth has reached decade-low levels according to the clip's description.