Lol, if the rich gave other people reason to be rich, and those rich are the reason rich people stop being rich, great!
This is the best summary I could come up with:
But the extra money isn't translating into spending, dragging second-quarter growth to 4.7% from a year ago — below analysts' expectations.
Earlier this week, luxury houses Hugo Boss, Burberry, Richemont, and Swatch all reported a slump in sales in China that hit earnings.
Data suggests Chinese consumers would rather pay down their loans and move their deposits to wealth management products, said Tommy Xie, head of Greater China research at OCBC Bank, in a Monday note.
Beijing has been trying to boost economic growth by driving domestic consumption through subsidies and trade-in deals, even for property purchases.
Due to the lack of a strong social safety net in China, people in the country have an entrenched belief that they must save as a precaution, according to a Tuesday report from US investment bank TD Cowen.
Despite a lack of appetite for luxury fashion, China's consumers have been snapping up gold — a haven asset — this year, sending prices of the precious metal to record highs.
The original article contains 438 words, the summary contains 166 words. Saved 62%. I'm a bot and I'm open source!
The deadliest famine in human history (that's what Wikipedia calls it) happened between 1958 and 1962 in China.
I think all the current generations in mainland are still pretty aware that saving money for a rainy day when the clouds start to accumulate is a good plan.
Also an extremely weak social safety net and a lot of Chinese are still very poor. As in so poor that a cut can realistically mean starving.
Absolutely not my experience of Gen Z in China.
There is a lot of consumerism in the younger generations but I'm sure grandma and grandpa are still telling stories. I don't think there is any culture more anxious to pour cash into real assets like foreign properties.