There is a new movement on social media in which young people are looking for groups to help them make economic plans for life. Crazy Money Savers are groups that share savings tips in addition to influencing non-participation in electronic commerce, which reflects on the consumption of Millennial and Z generation. In that sense, we separate for you a little more on the subject!
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The concern of millennials and generation Z with financial aspects is increasingly in focus. The frugal lifestyle is related to economic balance and cost control, without ignoring comfort, but also thinking about reducing waste.
However, this lifestyle conflicts with the government's ambitions that encourage local consumption for economic growth. China's young population was a big consumer, however, part of this change was due to changes in the economy generated by the pandemic. This is due to the reduction in the circulation of money and the increase in the unemployment rate, mainly among the young population.
This trend appears incisively on social networks with the various groups that seek to spread the frugal lifestyle. Chinese consumers show cautious behavior at the time of purchase, with no signs of change. Preferring homemade meals to restaurant deliveries are examples of the behaviors adopted.
Although the government encourages public spending, experts claim that what has been done so far is not enough to convince young people to spend more, as the reflection and memories of events during the pandemic are still present in this population. In this sense, reduced consumption has become a challenge for the elaboration of future policies.
