To handle the pressures of a struggling economy, more and more young people 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 blog.soufun.com/whblog. The blog has had 178,000 hits.
China has enjoyed phenomenal economic growth for years, giving a huge boost to its domestic consumption. Young consumers, 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.