`getCachedData`: data is always undefined

const data = nuxtApp.payload.data[key] || nuxtApp.static.data[key]
console.log('data', data) // always returns undefined

const { data: userDataAsync } = await useAsyncData('userStoreData', async () => {
    if (user.value && !isAdmin) {
        const userData = await userStore.fetchInitialData()
        console.log('userdata in useasyncdata', userData)
        return userData
    }
},
{
    watch: [user],
    getCachedData(key) {
        console.log('key', key)
        const data = nuxtApp.payload.data[key] || nuxtApp.static.data[key]
        console.log('data', data)

        // refetch
        if (!data) return

        const expirationDate = new Date(data.fetchedAt)
        expirationDate.setTime(expirationDate.getTime() + 24 * 60 * 60 * 1000);
        const isExpired = expirationDate.getTime() < Date.now()

        // refetch
        if (isExpired) return

        return data
    }
})

if (userDataAsync.value) {
    userStore.setInitialData(userDataAsync.value)
}