China’s young generation is most affected by the difficult economic situation. They no longer spend money without thinking like before the epidemic.

Young people have changed their consumption behavior. As a result, the savings trend has mushroomed on social networks in the past two years.

A series of anti-consumerism groups appeared on social networks. Such as “Find happiness by not spending,” and “Low consumption group.”

Li Yue, a 28-year-old administrative worker, said she changed her mind about spending. Before the pandemic, she saw friends almost weekly and spent at least $69 (500 yuan) on each outing. She also didn’t hesitate to splurge on the latest beauty products online.

However, she has saved about $276/month since the pandemic by not following fashion and beauty fads.

Li admits that she and her friends still want to pursue a lavish lifestyle, but reality has tempered this desire.

According to Fidelity International, in 2021, 18 to 34-year-olds saved 25% of their monthly salary.

Analysts believe China’s downbeat consumerism will slow the country’s economic recovery.
Tan Gangqiang, head of the psychological counseling center in Chongqing, believed that the change in consumption attitudes of young people could cause the economy to fall into a vicious circle.

Sign up to receive our latest news!

By submitting this form, I agree to the terms.