this post was submitted on 21 Jan 2025
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Summary

China's Gen Z is increasingly focused on saving rather than spending, fueled by economic uncertainty, high youth unemployment (15.7% in late 2024), and job insecurity.

Social media platforms feature viral content on frugal living, reflecting a shift from the "moonlight generation" of free spenders.

Economists warn this trend, tied to pessimism after COVID-19 and crackdowns on private sectors, threatens domestic consumption and long-term economic growth.

Disinflation and declining mid-priced product demand are expected, as China's GDP grew 5% in 2024 but faces slower growth ahead.

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[–] andyburke@fedia.io 16 points 2 days ago (1 children)

Billionaires and their puppet governments get scared when people decide they don't need to buy tons of useless shit to be happy.

[–] Zorque@lemmy.world 6 points 2 days ago

B-b-but muh profits!