China’s Young Generation Gets Thrifty in Gloomy Economy

To handle the pressures of a struggling economy, more and more in China are learning to economize. From Reuters:

Wang Hao, a 24-year-old Beijing office worker, launched his campaign in June to curb weekly living expenses to 100 yuan ($14.60). So far, he says, he has 55,000 participants.

“The financial crisis has apparently given a lesson on spending to young people in China, including me,” said Wang, who posted his campaign on a popular forum and on his blog The blog has had 178,000 hits.

China has enjoyed phenomenal economic growth for years, giving a huge boost to its domestic consumption. Young , mostly in their late twenties and early thirties, would spend as much as they earned, if not more, on designer clothes, electronics, entertainment and a wide variety of consumer goods.

Now, at least, some are becoming thrifty.



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