China's consumer confidence has completely collapsed: China's consumer confidence index is down to ~90 points, near the lowest level on record. The index plunged ~40 points between 2021 and 2022 and has remained at extremely pessimistic levels over the last 4 years. Before that drop, the index never consistently fell below 100, even during the 2008 Financial Crisis. This comes as China has experienced one of the largest housing bubble bursts in modern history. As a result, home sales by floor area in China are now -50% below 2021 levels. Chinese consumers need help.