China’s young are ‘revenge saving’ even as other Gen Zers pile up debt

[Pelican Press 0]

China’s young are ‘revenge saving’ even as other Gen Zers pile up debt

Woman counting a pile of coins.

Baona | E+ | Getty Images

Young people probably sense the same thing that everyone else does: the economy just isn’t doing that well.

Christopher Beddor

Gavekal Dragonomics

‘No choice’ but to spend less?

So why are ******** youngsters getting increasingly circumspect with their spending?

“Young people probably sense the same thing that everyone else does: the economy just isn’t doing that well,” said Christopher Beddor, deputy director for China research at Gavekal Dragonomics.

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saw an 11.8% year-on-year growth, according to a recent report from the People’s Bank of China. 

While China’s first-quarter GDP beat expectations to log a 5.3% year-on-year growth, forecasts still point to a continued slowdown,

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.

Compounding the difficulty is a tight labor market that is especially bad for the young people, experts told CNBC.

“People refusing to spend money is a true phenomenon here,” said Jia Miao, an assistant professor at NYU Shanghai. “For some of the young people, it’s simply because they cannot find a job or they just found that it is more difficult to increase their income. They have no choice but to spend less money,” she added.

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in May,

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. While there are no official statistics for monthly wages earned by undergraduates, a survey found that the average monthly salary of those with undergraduate degrees

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, 1%

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, according to domestic reports compiled by MyCOS research and published on local media .

“Confidence and Animal Spirits have disappeared among the youth. It’ll take years if not longer of a ***** market before [they] feel comfortable to revenge spend,” said Rein.

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China,Economic events,Personal finance,business news
#Chinas #young #revenge #saving #Gen #Zers #pile #debt

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