The “she economy” is booming in China thanks to young females.

The “she economy” is booming in China thanks to young females. Women in China account for the world’s third-largest consumer market, and Gen Z and Millennials are increasingly spending to boost their happiness and self-improvement. Today’s young Chinese females have more financial independence than their parents and grandparents experienced: According to an Accenture report, 97% of urban Chinese females have an income and 68% of them are homeowners (female home buyers accounted for almost 50% of home sales in 38 Chinese cities in 2021, according to the Beike Research Institute). A report from the JD Research Institute for Consumption and Industrial Development found that women aren’t just spending money for the fun of it; their consumption habits reflect how they’re “striving toward a more authentic self” as they spend more on beauty, education, and self-improvement activities / services. The number of women business leaders / entrepreneurs in China has also boomed. A report from Tmall last year found that 40% of its top brands founded in 2020 were owned by women, and a study from Ali Research found that more than 57 million Chinese women have secured a job online, including in ecommerce and as influencers. As Grace Koo, the founder of Mafa Bazaar in Guangdong explains, China’s Gen Z and Millennial women see their ability to create a business as a way to personally improve their quality of life. (South China Morning Post)