Common wisdom holds that China’s Millennials spend their full incomes, in contrast to their more frugal parents. New RIWI data suggest the reality may be more nuanced.
While some young Chinese people are big spenders, many young people report saving significant shares of their income, in line with older people, and in contrast to their US counterparts. So, the apple doesn’t fall too far from the tree, or the analogous Chinese expression, the “tiger father has no canine sons”, may apply here.
For this survey, RIWI randomly engaged more than 26,800 Chinese people aged 18 and over from December 1, 2017 – May 28, 2018 about their savings behaviour. Of these, those aged 18-34 represented more than 9,500 observations. RIWI also surveyed 10,305 Americans aged 18-34 from December 1, 2017 – February 28, 2018, allowing us to draw a direct China-US comparison.
What should RIWI ask next in China?
This analysis is only a first step. RIWI’s China tracking could extend to many emergent financial, economic, and social issues. If you are interested in these data or have other questions relating to RIWI’s continuous trackers in China, please contact Danielle Goldfarb, Head of Global Research at RIWI Corp.
See the report here.
Image source: Wall Street Journal