The Post-90s Generation In China
The young generation in China, who was born after 1990, constitutes about 16 per cent of China’s entire population. Having grown up as the only child of the family and in a relatively prosperous economic environment, the post-90s generation prides themselves for their stylish lives, often supported with lavish spending on branded products.
According to a survey among the post-90s, more than 13 per cent ranked brands the top factor to consider when shopping. Another 65 per cent would also take into consideration practicality apart from brands. Survey is a widely adopted tool by economists around the world. You may sign up for economics tuition with a good economics tutor to find out how a survey is designed and conducted.
Spenders, Not Savers
Post-90s generation is labelled as spenders, not savers. Having been brought up at a time of unprecedented wealth and having not gone through any hardship, they have a higher propensity to spend, in pursuit of a quality life. China is shifting from an investment-driven economy towards a consumption-driven economy. Consumption currently accounts for about two thirds of China’s gross domestic product, up from about 45 per cent in 2010. Young people are the main drivers of consumption growth in China today. However, some experts observe that the young generation’s spending is mostly funded by their parents or by credit. In their own words, they are “using tomorrow’s money to realise today’s dreams”. With guidance from your economics tutor in economics tuition, discuss the sustainability of their lifestyle.
I recently read an article about Chinese young people’s relentless pursuit of an elegant and stylish life, most often at the cost of mounting debt. The article features a young lady in her early 20s who works as a receptionist with a monthly pay of RMB3,500. However, she has the habit of drinking one cup of Starbucks coffee every day which costs her an average of RMB25. Her spending on the drink itself amounts to over 20 per cent of her monthly income. You may exchange views with your economics tutor in your economics tuition class on various implications of the post-90s’ luxurious lifestyle.
Price of Starbucks coffee in China is among the highest of the world. A cup of latte which costs less than US$4 in the US sells at RMB27 in Beijing, China, 10% higher than the price in London. You may discuss with your economics tutor in your economics tuition class the various reasons contributing to the higher price in China, despite Chinese people’s relatively low income. Mr Edmund Quek, principal economics tutor of Economics Cafe Learning Centre, the best economics tuition centre in Singapore will be able to help you attain a better grade in the subject of economics.
Seeking Unique Identity
The post-90s generation in China is identity seekers. They disregard the old values of modesty and conformity cherished by their fathers. Instead, they seek individualistic self-expression and go for creative labels that match their own personalities. Among the many traits that define a good economics tutor, personality is an important trait which sets one apart from the rest. Besides knowledge and experience, a good economics tutor should also be passionate about teaching. A good sense of humour will further value-add to their economics tuition.
Expressive and confident, the post-90s resorts to popular social media platforms to openly share their views, ranging from fashion, economy to politics. Despite the restricted access to Facebook, YouTube and various websites carrying news published by Western media agencies, they are well aware of the happenings around the world and are willing to actively participate in their own way.
Linda Geng
Economics Tuition Singapore @ Economics Cafe
Principal Economics Tutor: Mr. Edmund Quek