Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Walgreens Store Closures: Full List of Locations Shutting Down This Month

    June 4, 2025

    Expert Predicts Summer 2025 Travel Deals: 5 Budget-Friendly Destinations to Book Now

    May 28, 2025

    Walmart Addresses Trump’s Demand to Cover Tariff Costs

    May 25, 2025
    Facebook X (Twitter) Instagram
    Friday, June 6
    X (Twitter) Instagram
    NinepenniesNinepennies
    • Home
    • Featured

      The Highest-Paying Jobs in America—And It’s Not in Finance!

      March 27, 2025

      7 Must-Buy Costco Sale Items Before They’re Gone This February 

      February 10, 2025

      Steel Stocks on the Rise: 3 Winners After Tariff Announcements

      February 4, 2025

      The Best Oil Stocks to Invest $200 in Right Now

      January 28, 2025

      Top 10 Best Jobs of the Year: High Demand, Six-Figure Salaries, and Bright Futures

      January 23, 2025
    • Entrepreneur News

      Walgreens Store Closures: Full List of Locations Shutting Down This Month

      June 4, 2025

      Walmart Addresses Trump’s Demand to Cover Tariff Costs

      May 25, 2025

      Walgreens Expands Use of Prescription-Filling Robots to Reduce Costs and Support Pharmacists During Turnaround

      May 15, 2025

      Hooters Declares Bankruptcy

      April 8, 2025

      Costco to Open 6 New U.S. Stores Next Month and Another in April—See the Locations and Dates

      February 28, 2025
    • Financial Wellness

      Smart and Risky Spots To Store Your Cash, Coins, Crypto, and More

      April 24, 2025

      The Minimum Salary Needed to Be in the Upper-Middle Class in 2025

      March 21, 2025

      Should You Buy, Sell, or Hold Amazon in 2025?

      March 7, 2025

      From Hawaii to West Virginia: The Shocking 77-Year Gap in Retirement Savings Longevity

      February 24, 2025

      Are the 3 Highest-Paying Dividend Stocks in the Dow Jones Worth Buying?

      February 17, 2025
    • Popular Now

      European Markets Climb as Trump Moves to Cut Tariffs on Auto Parts

      May 1, 2025

      Robinhood Expands Trading to Include Bitcoin, Oil, and Gold Futures 

      January 30, 2025

      Powerball Winning Numbers for January 18: Oregon Player Takes Home $328.5 Million Jackpot

      January 21, 2025

      Morgan Stanley Surpasses Estimates With Robust Equities and Fixed Income Trading Revenue

      January 20, 2025

      10-Year Treasury Yield Edges Lower Amid Anticipation of Economic Data, Fed Remarks

      November 21, 2024
    • Wealth

      America’s 10 Wealthiest Self-Made Women, According to Forbes— #1 May Surprise You

      February 5, 2025

      8 Wealthiest Royals in History

      February 4, 2025

      One Powerful ETF That Grew $10,000 to $55,000 in a Decade: Is It Worth Buying in 2025?

      January 28, 2025

      Coinbase CEO Predicts Bitcoin Could Hit Multi-Million Dollar Value

      January 24, 2025

      Dogecoin Surged After Elon Musk’s Appointment: What’s Happening With This Popular Meme Coin?

      November 18, 2024
    NinepenniesNinepennies
    Home » Chinese Youth Are ‘Revenge Saving’ While Gen Z Globally Accumulates Debt
    Financial Wellness

    Chinese Youth Are ‘Revenge Saving’ While Gen Z Globally Accumulates Debt

    AramideBy AramideJuly 15, 20247 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    People, except the Chinese youth, have been spending a lot of money since the pandemic. People in this part of the world are revenge-saving. Instead of spending money on impulse buys, young people in China are doing the opposite. They are saving as much as they can because their country’s economy is struggling.

    Revenge Spending

    As humans, we often react emotionally when it comes to spending money. Many people indulge in shopping to feel better after a bad day or start spending more after getting a raise. Revenge spending is a financial term used to define when people increase their spending after facing difficult times. 

    Source: Pinterest

    For example, during the COVID-19 pandemic, many people couldn’t afford to spend money on leisure activities. However, when the restrictions were lifted, people started spending a lot more on these activities. They increased their spending to make up for the times when they couldn’t.

    Effect of the Pandemic: Revenge Spending 

    In 2022, we saw a significant rise in what we call ‘revenge spending.’ This means people started spending a lot more money after the challenging times of the pandemic. 

    Source: Pinterest

    During the pandemic, they couldn’t travel, shop, or socialize like they used to. So they felt the need to make up for it by spending a lot after the pandemic. Baruch Silvermann, CEO of The Smart Investor, explains that people are trying to “make up for lost time.” They do this by spending time on vacations, dining out, and other activities. “These were things they weren’t able to do for a while,” he said. This trend is so strong that it’s one of the main reasons for recent inflation.

    Revenge Saving

    “Revenge savings” means trying to save as much money as possible. This term is the opposite of “revenge spending,” where people spend a lot of money to make up for past restrictions. After China ended its strict zero Covid policy, people spent a lot of money. However, now they are cutting back on spending because the economy is weakening.

    Source: Pinterest

    Young people in China are cutting back on all unnecessary spending to take control of their finances. They share money-saving tips on social media and popular platforms like Xiaohongshu. Many people recommend cooking inexpensive meals at home. Others eat at community canteens, which are typically meant for senior citizens. This approach to saving money has gained a lot of attention.

    Chinese Youth: Using Savings Partners 

    Many people in China use “savings partners,” which means “saving dazi” in Mandarin. They are using it to manage their money better. They share tips, strategies, and support with others on social networks to avoid overspending. These partners act as coaches rather than financial advisors, helping each other stick to their budgets and avoid impulse purchases. 

    Source: Pinterest

    For instance, according to the BBC, Kathy Zhuo, a mother in Fujian province, reduced her spending by 40% in one month with the help of her savings partner.

    ALSO READ: TikTok Star Bryce Hall Starts Finance Podcast ‘Capital University’

    Chinese Youth 

    Even on Chinese social media, “revenge saving” is becoming popular. Young people in China are setting very high monthly saving goals. 

    Source: Pinterest

    A 26-year-old who goes by the username ‘Little Zhai Zhai’ is sharing her efforts to limit her spending to 300 yuan ($41.28) a month. In a recent video, she showed how she managed to keep her daily meal expenses to just 10 yuan ($1.38).

    How Savings Partners Help

    Other people are teaming up with “savings partners” on social media. These partners create a savings circle to help each other stay committed to their goals. Other savings strategies include eating at community canteens that offer fresh meals at low prices.

    Source: Pinterest

    “Chinese youth have a ‘revenge savings’ mindset,” said Shaun Rein. Rein is a Managing Director of China Market Research Group. He said. “Unlike the young people in the 2010s who often spent more than they earned and borrowed money for expensive items like Gucci handbags and iPhones, today’s young Chinese are saving more.”

    Chinese Youth: Reverse Consumption 

    ALSO READ: ‘Big Short’ Investor Kyle Bass Shares Where He’s Buying Property

    Young people are likely to notice what everyone else notices. They can see that the economy isn’t great right now. There are also additional signs that the youth in China are spending less. This is evident in the use of popular terms like  “reverse consumption” and “stingy economy.” 

    Source: Pinterest

    “Reverse consumption” means they’re trying harder to save money, while “stingy economy” shows they’re looking for discounts and bargains when they shop.

    A Different Trend Among Chinese Youth

    This trend is very different from the common trends seen among many young people, especially those in Generation Z. Many are using debt to pay for things like travel and shopping. 

    Source: Pinterest

    A report by Intuit called the Prosperity Index shows that 73% of Gen Zers in the U.S. are different. They prefer having a better quality of life over saving more money. Instead of cutting back on spending to save, they prioritize enjoying life now.

    Why Are the Chinese Youth Spending Less?

    Chinese young people are cutting back on spending because they feel the economy isn’t doing well. Christopher Beddor, a researcher at Gavekal Dragonomics, explained that this economic uncertainty is making young people more cautious with their money.

    The People’s Bank of China recently released a report. The report says that household deposits in the first quarter of 2024 increased by 11.8% compared to the same period last year. This indicates that many people are choosing to save more money instead of spending it.

    Forecasting a Slowdown

    China’s GDP grew by 5.3% in the first quarter, exceeding expectations. However, predictions still suggest a slowdown, with the International Monetary Fund forecasting a 4.5% growth rate in 2025. The job market is also very tight, especially for the youth. 

    Source: Pinterest

    Experts say that many young people are unwilling to spend money. Jia Miao, an assistant professor at NYU Shanghai, explained that some young people either can’t find jobs or find it hard to increase their income. This leaves them with no option but to cut back on spending.

    An Increase in Unemployment Rate 

    In May, the unemployment rate for youths aged 16 to 24 was 14.2%, much higher than the national average of 5%. Although there are no official statistics for the monthly earnings of undergraduates, a survey showed something. It found that the average monthly salary for 2023 graduates was 6,050 yuan ($832), 1% more than last year. This information comes from MyCOS research and was shared in local media.

    Source: Pinterest

    Rein commented that young people have lost confidence and enthusiasm. He believes it will take many years of a strong market before they feel comfortable enough to spend freely again.

    You Might Also Like:

    Turkey Goes Off the Grey List of Global Financial Crimes Watchdog

    Workers Cry Out As John Deere Effects Massive Job Cuts in the Midwest and Moves Operations to Mexico

    Amazon Lures Back Erstwhile Customers With 30% Discount on Groceries

    Tips for Requesting a Lower Minimum Payment on Your Credit Card

    Here Are Useful Tips To Get Cheap Car Insurance This Year

    China Chinese Youth finances Gen Z Revenge saving Revenge spending
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous Article15 States With High Cost of Living To Be Avoided if You Are Single in the United States
    Next Article These 6 Countries Are the Best and Cheapest To Live in Europe 

    Related Posts

    General

    Expert Predicts Summer 2025 Travel Deals: 5 Budget-Friendly Destinations to Book Now

    May 28, 2025
    Financial Wellness

    Smart and Risky Spots To Store Your Cash, Coins, Crypto, and More

    April 24, 2025
    Financial Wellness

    The Minimum Salary Needed to Be in the Upper-Middle Class in 2025

    March 21, 2025
    Add A Comment

    Comments are closed.

    Top Posts

    How to Delete Credit Karma Account: Step-by-Step Guide

    October 14, 2024

    Home Depot Penny Items: How To Find Them

    October 17, 2024

    Introducing the 2025 Caterpillar Pickup Truck for the U.S. Market

    September 5, 2024
    Stay In Touch
    • Twitter
    • Instagram
    You Might Like

    Subscribe to Updates

    Get the latest tech news from FooBar about tech, design and biz.

    Most Popular

    How to Delete Credit Karma Account: Step-by-Step Guide

    October 14, 2024

    Home Depot Penny Items: How To Find Them

    October 17, 2024

    Introducing the 2025 Caterpillar Pickup Truck for the U.S. Market

    September 5, 2024
    Our Picks

    Walgreens Store Closures: Full List of Locations Shutting Down This Month

    June 4, 2025

    Expert Predicts Summer 2025 Travel Deals: 5 Budget-Friendly Destinations to Book Now

    May 28, 2025

    Walmart Addresses Trump’s Demand to Cover Tariff Costs

    May 25, 2025
    X (Twitter) Instagram
    • Home
    • Editor’s Picks
    • About Us
    • Get In Touch
    • Privacy Policy
    • Terms of Use
    • Editorial Standards
    © 2025 Ninepennies.

    Type above and press Enter to search. Press Esc to cancel.