The Chinese economy can count on the boom in domestic consumption and the explosive rise in spending for those under 35.

In a report published in the French newspaper "lemonde", writer Simon Lublater says that the 22-year-old Lin Yen, who has been working for several months in the human resources department in Taizhou, traveled 300 kilometers to shop in Hangzhou, the provincial capital. .

This young woman earns 4 thousand yuan (508 euros) per month, which is a common salary for young Chinese who work in medium-sized cities, but between her possessions and the night she spent at the Park Hyatt Hotel and some other expenses, she spent 18,000 yuan at the end of this week. My dad makes a lot of money in the stock market. "

On the afternoon of January 12, thousands of locals and tourists braved the cold to shop on the shopping street bordering West Lake and its green hills in the heart of Hangzhou.

The only restrictions imposed in this place are to check the temperature measurement at the entrance to the shopping centers, the compulsory wearing of the mask, and to provide a "QR code" on the smartphone that proves that its holder has not moved to the areas classified as dangerous due to the spread of the Corona virus, and thanks to the strict measures China has recovered Quickly controlling the Corona epidemic after the virus appeared in Wuhan at the end of 2019.

Today, life has almost returned to its normal course, and consumption is doing well, especially thanks to the lavishly young Chinese population.

As a result, retail sales, as well as the consumption index, increased by 5% in November 2020 year on year.

In fact, this percentage is encouraging for the economy, which suffered severe turmoil in the first quarter of last year.

The consumption index rose by 5% in November 2020 year-on-year (Reuters)

International luxury markets

The demand for luxury goods is rising, and luxury brands are expected to witness a record year, with a 48% increase in sales in 2020, estimated at 44 billion euros, according to a report issued by the consulting firm Bain & Company, published on December 16, 2020. .

It is clear that the inability of most Chinese to travel abroad forced them to resort to local stores, as the consulting firm's report stated that the share of the Chinese market in global luxury market sales reached 20% in 2020.

China's central position in terms of luxury brands is expected to continue strengthening in the coming years, and experts at Bain & Company expect this growth to continue, putting the country on the right track to capture the largest market share by 2025.

In addition to the consumption of the wealthy in China, the main driver of this trend is the youth.

Sishan Kong, co-founder of Low Digital Communications, which helps brands understand the Chinese market and communicate, notes that those under the age of 35 are the target of luxury brands, and their parents, who were born between the 1950s and 1970s, were the first to put together Riches.

They do not have debts because they bought apartments almost for free, and they do not consume much, so their money is at their children's disposal, and due to the one-child policy, all savings of grandparents and parents go to one child.

The joys of everyday life

Inside a mall, dozens of young women wait in front of an automated distributor of Yves Saint Laurent perfumes, two of whom are making good money at the age of 28 thanks to their work at a start-up e-commerce company and a home appliance company, and they get more than 200,000 yuan a year and want to meet together on holidays Weekend to have a good time.

"We are witnessing a change of mindset with the younger generation. Those who entered the labor market in the 1980s and early 21st century were expecting rapid social progress, so they worked hard to move up the social ladder," says Sishan Kong.

Today, social transformation is less important. Instead of looking to the future and working hard to get a promotion, young people focus more on the little everyday pleasures of cosmetics to fancy clothes or their favorite branded tea. Since it is difficult to build the future, so people strive To achieve their well-being on a daily basis.