Xishuangbanna prefecture in China (right) is a pingti alternatie to Bangkok in China.Xiaohongshu
Cleo Xie, a 46-year-old senior banking executive in Chengdu, said her family would vacation in Europe or Asia at least twice a year before the pandemic. But since 2020, they’ve only traveled within China on holidays.
She’s been trying a new travel style that’s in vogue among younger people: “citywalk.” The idea is to visit a Chinese city and spend a day strolling its streets and soaking in its atmosphere, instead of taking a full-blown vacation.
The trend has taken off on Xiaohongshu, with over 1.7 billion views for #Citywalk, where young spenders share their favorite local snack shops or recommend walking routes for their peers.
“I enjoy walking around and seeing the life of local people, tasting local food,” Xie told BI, saying she prefers to take the high-speed rail instead of flying.
“The control measures during the pandemic changed everyone’s travel habits,” she added. “Now many people think domestic vacations are convenient and you don’t have to plan to do so much.”
As for education, young people are exploring options at universities that target senior students and attending personal-interest classes at public libraries, where they’re cheaper than at commercial outlets, said Lai.
Meanwhile, people are turning to telemedicine and online pharmacies for non-critical conditions.
China’s economy is in a deflationary mode
The wave to downgrade spending comes as China is still struggling to turn its economy around following the pandemic. Beijing is now trying to turn the economy around with a concerted stimulus blitz that has boosted market sentiment tremendously.
Official data released in September showed China’s Consumer Price Index rising less than what economists had expected. Meanwhile, its Producer Price Index — which measures the price of goods at the factory gate — fell 1.8% from a year ago.
It was the 23rd straight month the PPI was in the negative zone, sparking concerns about a “deflation spiral” in which people could delay their purchases on expectations of further price declines, further dragging the economy.
China’s consumers continue to be frugal in the months ahead. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June. Just 21% expected their income to increase over the next six months.
Jin, the part-time counselor, told BI that she still prefers to buy cosmetics and accessories from brands she knows and trusts, like lipstick from Yves Saint Laurent and bags from Charles & Keith.
But she’s grown satisfied with the non-branded clothes she’s found online, especially given their lower prices.
“My family and myself are more cautious with spending,” she said.
Read the original article on Business Insider
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Publish date : 2024-09-29 17:00:00
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