Jakarta –
A frugal lifestyle and minimizing expenses is now a trend for young people in Indonesia China. Young people who were previously known for their extravagant lifestyle or high consumerism in China are starting to change their lifestyle.
Young people began to refrain from buying Starbucks coffee. Also for aesthetic reasons, some women choose to change their powder from a well-known brand to a local brand which is much cheaper.
Doris Fu is one of the young women who has recently adopted a frugal lifestyle. The 39-year-old woman who became a marketing consultant in Shanghai quit her glamorous lifestyle.
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On the other hand, Fu is now trying to cut expenses and save as much as possible China. He sees that his country’s economy is on the verge of uncertainty, lockdowns are everywhere, unemployment is on the rise and the housing market is starting to falter.
Fu also cut back on body care, stopped doing nail care, also known as manicures. She also said she switched her he powder makeup brand from Givenchy to a local brand called Florasis, which costs around 60% less.
“I no longer have a manicure, I no longer wash my hair. I went to China for all my cosmetics,” said Fu.
It’s not just the lifestyle that has changed. It was now she gave up buying a new and better apartment to save money. She also claimed that she stopped trying to upgrade her he car, which was just an old Volkswagen Golf.
“Why don’t I dare renovate my residence and my car, even if I have the money? It’s because things are getting more and more uncertain,” said Fu.
Meanwhile, another community, Yang Jun, is now starting a group called the Low Consumption Research Institute on the Douban website in 2019. In that online community, Yang Jun and other people argue and discuss how to live frugally to keep health and finances. The group attracted more than 150,000 members.
Yang himself said he cut back on spending and even sold some of his items on second-hand sites to raise money. In fact, Yang also claimed to have quit the “coffee” habit at Starbucks to save money.
He had also given up the habit of getting into debt to buy things. The reason is that Yang admitted that he was in debt for this reason.
The 28-year-old man is pessimistic about the state of the Chinese economy. According to him, making money in China is increasingly difficult. So, if you get money, now you need to save it immediately.
“COVID-19 makes people pessimistic. You can’t just be like before, spend all the money you make and come back again next month,” Yang said.
Prudent lifestyle a China has become a big trend recently. Social media influencers have unstructuredly started promoting a low-cost lifestyle and sharing tips to save money.
But this frugal lifestyle trend poses new problems for the Chinese economy. Read on the next page.
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