China's massive consumer base is feeling a chill that could have ripple effects throughout an economy that's already under pressure.
While analysts say individuals are generally financially healthy, many are holding off on spending due to uncertainty about the future.
"A decline in consumption is the biggest risk, because everyone already knows about the decline in investment, everyone also knows about the trade tensions," said Jian Guang Shen, chief economist at JD Digits, which was spun off from Chinese e-commerce company JD.com. He used to be the chief economist at Mizuho Securities Asia.
"Everyone's confidence, confidence in this year's situation, has declined, (and) consumption was immediately impacted," Shen said in Mandarin on Tuesday, according to a CNBC translation. "In the next couple of months, consumption will continue to slow."
Already, retail sales fell to a disappointing 8.6 percent in October. That contrasts with past years which generally saw near-10 percent growth or higher.