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China’s cash-strapped millennials embrace a new trend: thrift
Jun 4, 2020
As a result of the coronavirus pandemic, China's younger generations are thinking twice about how much they spend. Despite predictions of 'revenge spending' after the lockdowns lifted, China's millennials are spending less money on eating and shopping. Consumer spending makes up a big part of China's GDP casting concern over how this could effect the economy in the long run.
Song Lewen never used to worry about money. The 27-year-old lived paycheck to paycheck, spending most of her 7,000 yuan ($980) monthly income on meals and shopping sprees. For luxury purchases and foreign trips, she’d use one of her credit cards.
But all that changed when the coronavirus pandemic struck. An employee at a state-owned manufacturing firm in Shanghai, Song has been shielded from the layoffs and pay cuts that have affected millions in China. The crisis, however, has still been a profound wake-up call.
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“I just thought, if I wasn’t at a state-owned enterprise, maybe I would have been unemployed for months with zero income,” Song tells Sixth Tone. “I wouldn’t have dared tell my parents, and I probably would have had a breakdown.”
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