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China's consumers aren't buying stuff, but it's not because they're broke
(www.businessinsider.com)
this post was submitted on 21 Jul 2024
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Anticonsumption
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The deadliest famine in human history (that's what Wikipedia calls it) happened between 1958 and 1962 in China.
I think all the current generations in mainland are still pretty aware that saving money for a rainy day when the clouds start to accumulate is a good plan.
Also an extremely weak social safety net and a lot of Chinese are still very poor. As in so poor that a cut can realistically mean starving.
Absolutely not my experience of Gen Z in China.
There is a lot of consumerism in the younger generations but I'm sure grandma and grandpa are still telling stories. I don't think there is any culture more anxious to pour cash into real assets like foreign properties.