China’s Consumer Market Grows 2.5% in Jan-Aug 2026

The gap between services and goods growth is the real signal here: consumption is rotating toward experiences while goods demand, especially autos, drags. That split matters for RWA and tokenization narratives tied to consumer credit, receivables, and retail-linked assets, since slower goods turnover weakens the underlying cash flows those instruments depend on. Rural spending, though growing modestly, points to where incremental demand sits. Whether services momentum holds as goods stay soft is the open question.