A simple comparison can reveal the clue: in 2025, US new car sales are about 16 million, compared to about 17 million in 2019. Considering that the US population has continued to grow over these six years, per capita car consumption has actually decreased. What has increased? Purely prices.

The situation in China is even more vigorous. Car sales are not only much higher than in 2019, but the quality and grade have also significantly improved— with the same budget, the cars you can buy in 2019 and 2025 are completely different levels. This is true consumer growth.

But what does public opinion say? There are voices claiming that US consumption is more vigorous. This logic is ridiculous—if sales haven't increased and per capita consumption has decreased, what is there to be proud of just from price hikes?

This phenomenon is not limited to the automotive sector. Per capita consumption of durable goods in the US in 2025 is even less than in 2019. So what has driven the rapid GDP growth in these years? Investment. As seen from the crazy rise in US stocks, wealth has mainly flowed to the asset class.

This is the core issue: common people's consumption stagnates, while the assets of the wealthy expand. If the ceiling of discretionary spending has already been reached, what can companies do? They can only rely on raising the prices of essential goods to boost figures—like a surge in rent prices. On the surface, total consumption appears to have increased, but in reality, it is forcing the living costs of ordinary people upward. Is this considered growth?