Young Chinese consumers are spending to feel good amid slower economic growth
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Feeling stalled in life in the face of economic obstacles, young Chinese consumers are finding comfort in “small indulgences” such as milk tea and Labubu figurines.
Young people in China may not be buying cars or houses, but there’s always money for milk tea and toys.
It’s a challenging time to be a young person in China: The world’s second-biggest economy is growing far slower than it was when their parents were their age, with the U.S.-China trade war threatening to further weigh on growth. Competition for jobs is cutthroat and monthly youth unemployment stands at about 15% on average, with Chinese universities churning out a record 12.22 million new graduates this year.
Feeling “besieged” in life in the face of these economic obstacles, young Chinese consumers at home and abroad are finding comfort in smaller purchases.