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Gen Z and Millennials in China are saving less and spending more on luxury domestic goods.

Apr 29 2021

Gen Z and Millennials in China are saving less and spending more on luxury domestic goods.In China, 11-26-year-olds contribute to 15% of the overall spending on luxury goods sold in China, which is higher than the worldwide average (10%). Their spending habits also account for 13% of their—and their family’s—total income, whereas the U.S. and Britain only spend 4% of their total household income. According to “China’s Gen Z White Paper” by Kantar and Tencent, the generation is consuming luxury goods as a way of discovering their identities with “social, personal style, and immediate pleasure seen as their leading motivators.” These young consumers also reportedly have “a stronger sense of identity with traditional culture and cultural nationalism,” driving demand for domestic brands. Still, this type of luxurious spending comes at a cost, leaving many young people in credit card debt. Data from the People’s Bank of China showed more than half of people who owe debt were born in the ‘90s. (China Macro Economy)