Rather than pulling back on spending due to China’s gloomy economic backdrop, Gen Z consumers are instead re-evaluating their priorities.
outh unemployment is at a record high and growth is faltering — but China’s gloomy economic backdrop hasn’t stopped Gen Z from shelling out for travel and leisure.
“Experience-led spending, from going to the cinema and visiting exhibitions to exercising outdoors, has become the mainstream way for Gen Z to resume their lives post Covid,” Mintel senior research analyst Blair Zhang said. Regardless, Yang said she still allocates money to visit local tourism spots, attend comic conventions and try hot new restaurants with her friends.
The thrill of doing something to make herself feel good has led her to want to “live happily now,” she said, adding that she wouldn’t hesitate to spend 1,000 yuan or more on a dress despite not having a job.The number of Chinese Gen Zs who want to drop out of the rat race — a movement known as “lying flat” — has grown in the past 18 months as a response to the ultra-competitive job market, said Zak Dychtwald, founder of trend research company Young China Group.
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