No More Revenge Spending: How China's Gen Z Is Changing How They Shop | Money Mind | China Economy

Kudos to the young generation who are not kidnapped by consumerism.

Being frugal is being rational because you don't need to spend money on unnecessary things. It's different from being cheap. If someone needs to go shopping all the time, that's an unnecessary addiction that needs to be cured.

It's strange that frugality amongst the youth seems to be presented negatively in China, while in Western EU our students are all the rage about frugality for ecological concerns and this is seen as favorable...

Good job Gen Z. Don't be sucked in by the greedy monster of envy and consumerism that plagued the generation before you. Everyone is crying about not making money but spend lavishly on luxury items. Do you know the biggest company in Europe is now LVMH. Not Nestle. Not Roche. Not Shell. But a company selling luxury goods.

*Basic produce reaches record high prices "KIDS ARE SPENDING LESS!"

NICE JOB saying NO to those luxury brands! keep it up!

As a gen Z in China, I can say that she is spending more than average. During my undergraduate study, I found the majority of us students receive less than 400 SGD per month. This is because the food price in university is subsided by the gov, I can get decent meals for less than 7 SGD a day( breakfast <1 SGD, lunch and dinner < 3SGD). I always find the food prices in Singapore university costly, although they are already cheaper than outside eateries

As a Gen Z-er from the US, good job you guys!

Nothing wrong with being frugal, having a personal financial discipline/literacy, whatever you call it.

When I was young, I worked in a lavish "American" company as a low level employee where the company would subsidized our lunch for RM4 / day, I manage to eat only RM1 per day (that's 10 years ago), making my monthly expense for lunch only RM30+ (excluding weekends), and most higher ups with higher pay wouldn't even bother eating at the canteen, so they'd throw me a bone and gave me their tags (that's how we get our discounts) to me so I can have some extra food in a container for dinner, I'd pay the balance after using their tags! I wouldn't say I was frugal but it made me find ways to survive back then! The company subsidized car petrol for people living in a different state as they needed their expertise, those friends just "live" in their cars after work, the company allows employees to stay back till 11pm for work, they'd just have a blast in their cubicles and sleep in their cars. For showers, our company had a gym on site, so they could just go to the gym shower and change into something comfortable.

I like the idea of calling it rational I'm planning to buy an empty watercolor palette and I found one I like for 40 euros (shipping not included) but instead of that I went online and found all the same parts just separate that add up to 12 euros all together (shipping included), so in the end I'm gonna save 28 euros and I just need to put it all together which isn't hard If I was frugal I would just not buy a palette in the first place

It has been a tough few months, filled with hardships and struggles globally. From economic challenges, job losses, market volatility, conflicts in various regions, and financial difficulties, it feels like everything has been going wrong. How can I make ends meet during these tough times?

Every generation spends on things they like. Every generation overspends and borrows to continue to spend. And every generation tells younger generation not to overspend.

a new generation that know how to save money and choose quality over brand, look like the future of China is brighter

Youtube is a best way for saving money imo, the quality of videos are so good, compared the sub fees on Chinese videos platforms costed me like 10-15 yuan monthly, if we didnt paid that sub fees, we're having 60 -180 minutes ad, sounds so crazy right, but it's true, Youtube is great deal for me,

This is exactly the same in the UK, lowest confidence in 40 years. Its such a suprise that less spending power = less spending. Shocking...

They had news specials like this 10 years ago in the US. It was less about the generations temperament towards work and more about the media pre-programming an excuse for a loss of opportunity and reframing the situation while shifting the blame to the victims agency.

As a ethnic Chinese i know one of our inborne genetic makeup is frugality. This is due to centuries of war and poverty which forced the Chinese to save up for rainy days. Though the present Chinese generation generally had no problems with bread and butter issues, the inborn 'frugality' still remain and is hard to change.

Use the " must have " & " nice to have " concept . " Must have " means essentials t Without which 1 cannot function on a daily basis. " Nice to have " means a new phone , clothes other blings that would be nice to have now but its purchase can be pushed to a future date . And another thing is 30-20-50 approach. 30% for savings+investing, 20% for emergency liquid fund that can be accessed quickly in 30-50 mins & 50% includes monthly bills including new clothes , Phone , housing food entertainment etc

It’s only in China I think. In Malaysia and Singapore, gen Z spends a lot more on random stuff