A growing movement of consumers buys less, but focus on experiences. And, surprisingly, Chinese consumers follow that minimalistic trend, says Shanghai-based business analyst Shaun Rein in Knowledge CKGSB.
Not only are people buying less stuff overall, but a growing subculture is rebelling against consumption altogether. Minimalist bloggers, tidy-up gurus, and tiny-house designers now claim millions of followers.
Nor is this only a trend in the jaded West. Many Chinese consumers are also getting less interested in buying things, according to Shaun Rein, Managing Director of the China Market Research Group.
“It is not all about consumption and showing off anymore, especially among younger consumers. They are looking more for quality of life, which is pushing spending toward wellness, entertainment and more spiritual endeavors,” he says.
Are consumers just taking a breather, or is something more permanent going on?
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