China’s Gen Z teens spend more than $7,000 a year on luxury goods.

China’s Gen Z teens spend more than $7,000 a year on luxury goods. OC&C Strategy Consultants found that young people born after 1998 in China spend 15% of their household income on average, higher than any other country surveyed. While U.S. teens grew up amid the Great Recession and student debt crisis, China’s Gen Z is the product of the one-child policy and an economic boom. Their upbringing also helps explain this stat: 41% said they’re optimistic about the future compared to 26% globally. (Bloomberg)