Revenge saving has become a trend on Chinese social media websites, with Chinese youth setting extreme monthly savings targets.
"Chinese youth have a revenge savings mentality," said China Market Research Group's Managing Director Shaun Rein. "Unlike youths in the 2010s who often spent more than they earned and borrowed money to buy fancy items like Gucci handbags and Apple iPhone, young Chinese have started saving more," he told CNBC.." The former refers to making a more conscious effort to cut spending, while the latter connotes actively seeking out discounts and deals when shopping.
"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.While China's first-quarter GDP beat expectations to log a 5.3% year-on-year growth, forecasts still point to a continued slowdown,