Chinese Gen Zs I spoke with say their values have changed; they no longer want to chase luxury products just to show off.
Si Jie, 21, from Beijing tells me they are more focused instead on what they call “rational” spending – saving money when they can, and spending on things that matter to them. That’s why despite depressed spending, young Chinese are still splashing out on music events, the cinema and domestic travel. I personally found that cause for optimism.
We also look at another pandemic-led phenomenon: The rise of domestic brands. Gen Z Chinese are more likely than other generations to support local. Part of this is nationalism, a confidence in China and what it stands for versus the West.
These are young people born into a booming economy, who see no reason why something domestically made should be inferior. But there are also far more practical reasons.
The last part of our series is on whether the Chinese consumer is ready to go green – and pay more for it.
If you’ve any comments or insights for stories, get in touch with us at moneymind@mediacorp.com.sg.
Sona Remesh
Senior Producer, Money Mind
