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

Mar 18 2022

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)