TAIPEI (Taiwan News) — A new report from China reveals a whopping 86.6% of the 175 million people born in the country during the 1990s are currently in debt.
The study, jointly released by Bank of China Consumer Finance and data platform Datagoo, shines a light on the worrying spending habits common among China’s younger generation, according to Chinese state media outlet the People's Daily.
It reveals young Chinese between the ages of 18 to 32 are prone to taking a "buy now, pay later" approach to consumption. They are also happy to open their wallets for better experiences and high-quality products, even if they cannot afford them.
Convenience is king for Chinese youngsters, who spend lavishly on “time-saving and labor-saving products and services,” which commonly include shoe washing machines, breakfast makers, and egg boilers, per the People’s Daily. Sales of these items have been on the rise for several years.
During peak shopping season last November, such products were searched for 300,000 times on e-commerce platforms, a 200% increase from the year before, per reports.
Chinese born in the 90s love pets too. Stats show consumers born after 1990 did 40% of all pet-related spending in the country, while the amount spent by those born after 1995 has grown exponentially for three straight years.
Beauty, entertainment, and healthcare products are other big verticals they are splashing out on.