Summary
China's youth are spending less money, despite government efforts to encourage more spending to help the economy. High youth unemployment and fears about job security and housing are leading many young people to save money and live frugally. This trend poses a challenge to China's economic growth, which relies on increased domestic consumption.
Key Facts
- China wants young consumers to spend more to boost the economy.
- Youth unemployment in China is close to 20%.
- Many young Chinese fear losing their jobs and struggle to own homes.
- Social media in China is filled with tips on how to live frugally.
- Influencers are promoting a minimalist lifestyle to their followers.
- Domestic consumption in China is about 39% of GDP, lower than in many developed countries.
- Young people are more pessimistic about their financial future compared to previous generations.
