China’s Youth Start ‘Revenge Saving’, Spending Only $1.3 a Day Amid 2024 Unemployment Surge

China’s Youth Start ‘Revenge Saving’, Spending Only $1.3 a Day Amid 2024 Unemployment Surge

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Revenge spending isn't happening. Instead, young people are now into "revenge saving," which has experts baffled. A research report shows that among people under 40, those born in the '90s have the strongest saving habits, with nearly 30% of them saving over 50% of their monthly income. These heavy spenders have become heavy savers, and the new motto for this generation is "save like crazy." Since the pandemic restrictions were lifted, there hasn't been a surge in spending, and experts are worried. One expert is urging people to use their savings to buy houses, another is advising young people to have more children, and yet another suggests issuing relief coupons. They are racking their brains trying to get people to spend. But with companies closing and layoffs happening, people genuinely have no money to spend. Young people aren't just saving money; they are securing their future.

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