In China, millennials are increasingly adopting a trend of frugality. They are living a “proudly stingy” lifestyle, engaging in money-saving challenges and sharing their journeys on social media platforms like Xiaohongshu, which boasts over 300 million active users. Factors such as rising living expenses, unpredictable economic conditions, and a challenging job market are propelling this movement.
Participants strive to limit their food expenditures to no more than 500 yuan (approximately $70) each month, chronicling their daily meals and financial habits online. Xue Yang, a 28-year-old from Shanghai, opted into this initiative after losing her lucrative position as a financial advisor. Currently, her food costs are two-thirds lower than they were during her employment.
“Ordering food delivery for just two meals a day used to be a minimum of 60 yuan [$8], a sum that now stretches to cover three to four days in my frugal lifestyle,” Xue remarked. Zhao Yongfang, a 32-year-old engineer, embraced the challenge while residing in Beijing, a city notorious for its soaring living expenses.
Frugal habits among millennials
She mastered the art of preparing budget-friendly meals and ensuring her dinners were economical. “I don’t view it as being thrifty. Working with a tight budget has prompted me to reassess how I can maintain a healthy lifestyle while keeping my diet economical,” Zhao noted.
This pivot towards saving starkly contrasts the earlier era of extravagant consumerism that prevailed in China. Sales for high-end brands like LVMH have recently experienced a decline, partly attributed to waning demand within the country. An increasing number of Chinese individuals are opting for a more straightforward, budget-conscious way of living.
They are favoring home-cooked meals, curtailing expenditures, and concentrating on saving for long-term aspirations such as purchasing property or achieving financial security. As Zhao articulated, working within a restricted budget has encouraged her to consider how to lead a healthier, more economical life. This perspective resonates with numerous young Chinese people in the current economic landscape, as they opt for saving rather than spending and develop frugal practices to navigate the hurdles they encounter.
