But when US consumer demand dropped off, that broke the cycle.

但是美国消费者的需求下降了，于是整个循环被打破。

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Stephen King and Ian Morris of HSBC point out that growth in consumer spending, total investment and exports in this cycle has been correspondingly feeble.

HSBC的Stephen King和Ian Morris指出，此循环周期中的居民消费增长、总投资额及输出额都相对比较衰弱。

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Then, tracing to its source, explains the economics theoretical foundation of the consumer credit, that is, time-favor theory, life-cycle hypothesis and permanent-income theory.

而后追根溯源，阐释了消费信贷的经济学理论基础，即时间偏好理论、生命周期假说和持久性收入假说。

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If history can be a guide, we should probably expect the current consumer deleveraging cycle to continue for another 4 to 7 years.

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Finally, advertisers should consider the stage of the consumer purchasing cycle they aim to impact: do they want to create awareness, interest, or spark a purchase?

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Compounding the consumer deleveraging cycle is the overhang of unemployment.

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