Peak consumption happens around 45-54, and then declines. Kids are out of the house (which is paid for). At retirement, consumption is more conservative because the retiree is on a fixed income.

Speaking of fixed incomes, these retirees are dependent on risky investments like real estate (collapsing) and public pension schemes (about to collapse). On top of this, retirees aren’t generally the consumers of the supply chain components that China makes. Remember, they never moved up the value chain of sophisticated goods manufacturing. They got too expensive before that.