Opinion: How China’s Youth Got So Thrifty

In recent years, overspending has often been synonymous with young Chinese consumers, especially with the convenience of consumer credit and numerous internet financing programs.

However, these days, the news is about their new-found frugality.

There has been no shortage of news reports about affluent young Chinese earning salaries of 20,000 yuan ($2,800) a month who claim they only shop at bargain bins in mall basements. Those stories have sparked a heated discussion. How did China’s youth come to embrace such thrift?