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He Huifeng

“Since I live with my parents, I don’t need to pay rent. Now that I’m single, I have no plans to get married or buy a flat,” said 30-year-old Terry Huang.
The sentiment from the operations manager at an advertising company in Guangzhou in southern China’s Guangdong province points directly to the ongoing waning levels of consumption in China, particularly in a property market that has continued to drag down the world’s second-largest economy.
Huang and his 32-year-old colleague, though, have spent about 1,000 yuan (US$142) between them on attending three concerts this year.
They have also travelled to the Yangtze River Delta and to the nearby southern province of Guizhou, spending another 4,000 yuan each.
“The money I earn is just enough for my expenses, and I haven’t saved much over the past two years,” added Huang.
According to the 2024 Youth Lifestyles Report released by China Newsweek magazine at the end of August, almost 80 per cent of respondents had no plans to buy property this year and would only pay for necessities.


A majority of young Chinese consumers have seen their incomes remain stable or decrease this year, prompting a shift away from chasing brand names, and instead paying only for “essential, discounted, and emotionally rewarding products”, according to the China Newsweek survey.
The survey interviewed 7,725 people across China aged between 16 and 40, with 48.5 from first-tier cities.
The survey showed that in 2024, about 40 per cent of respondents expected their annual disposable income to remain unchanged, while nearly another 40 per cent anticipated a decrease compared to last year.
Over 14.6 per cent reported a significant decline in income, while only 3.4 per cent reported considerable growth.
In terms of savings, 17.6 per cent had no savings, while 55.5 per cent had savings below 200,000 yuan (US$28,357).
As for average monthly living expenses, 78.8 per cent spent less than 5,000 yuan, while only 4.3 per cent reported expenses exceeding 10,000 yuan.




Only 7 per cent had already bought or planned to buy a home within the year, while 79.9 per cent said they did not intend to spend on real estate this year.
When asked which items they spend most on, most respondents indicated spending on food and beverages.
At 37.1 per cent, catering and food topped the list of categories of consumer goods the respondents would be willing to spend more on, followed by travel, learning and training, performances and exhibitions and medical and health.
But they would cut back on spending on clothing, shoes and bags, as well as beauty and cosmetic surgery, according to 45.8 per cent and 35.2 per cent of respondents, respectively.
“Whether it is necessarily needed” topped the list of considerations for spending at 83.9 per cent, while 46.7 per cent would be attracted by big enough discounts and 44.1 per cent care about whether the product could provide emotional value.
Only 8.3 and 4.1 per cent, respectively, would be willing to pay extra for environmentally friendly products and brand premiums.
I save on other expenses, including luxury goods and cosmetics
Wang Jingyi, barista
“I am a fitness enthusiast and hope to become a fitness instructor. Most of my income goes toward fitness because it makes me feel energetic and different,” said 21-year-old Guangzhou-based barista Wang Jingyi.
“However, I save on other expenses, including luxury goods and cosmetics.”
In terms of top travel destinations, niche domestic destinations topped the list in the survey at 41 per cent, followed by inner-city attractions, nearby counties, popular domestic destinations and the surrounding countryside, with only 13 per cent choosing popular overseas countries.
Data from online travel company Trip showed that hotel bookings and orders for tickets to visit scenic locations grew by 8 per cent and 151 per cent year on year, respectively, during the five-day Labour Day holiday in May.
“Smaller city” have also become a popular destination keywords on Chinese Instagram-like social media platform Xiaohongshu in the first half of the year, with the fourth-tier cities of Yuncheng in the central Shanxi province, Bijie in Guizhou province and Quzhou in the eastern Zhejiang province the most popular travel destinations for China’s youth.


The survey results reflected the consumption attitudes and trends of young Chinese people, according to David Wong, a lecturer in the Department of Management at the Hang Seng University of Hong Kong, which makes it more difficult to revive domestic demand and may also affect foreign investment in China’s consumer market.
“With low income and employment stability, young people will not make long-term investments or large-scale consumption, and more funds will be used for basic living expenses and enjoyment consumption,” said Wong.
Career prospects for young people in China have dimmed amid the ongoing economic downturn, and in August, the revised jobless rate for the 16-24 age group, excluding students, rose to 18.8 per cent from 17.1 per cent in July.
August was the first month since a record 11.79 million college graduates entered China’s job market.
The unemployment rate for the 25-29 age group, excluding college students, also rose to 6.9 per cent in August from 6.5 per cent a month earlier.


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Almost 80 per cent of respondents to a survey of 7,725 people across China aged between 16 and 40 said they had no plans to buy any property this year and would only pay for necessities. Photo: AFP

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China

Almost 80 per cent of respondents to a survey say they have no plans to buy property in China this year and would only pay for necessities


Almost 80 per cent of respondents to a survey say they have no plans to buy property in China this year and would only pay for necessities.


China economy

China's economic recovery