China's consumers aren't buying stuff, but it's not because they're broke

• Chinese consumers are saving more, impacting luxury brand sales and economic growth.
• Household deposits reached around 147 trillion yuan by June, hitting a record high.
• Beijing has been trying to boost domestic demand, but consumer confidence is very low.

China's once free-spending consumers are holding back, hitting luxury brands particularly hard.

But this doesn't mean people in China don't have money. They just now prefer saving it.