China‘s Gen Z Overconsumption
Interview with
Overconsumption People
A real thing about a friend around me made me think... She is a college student in Singapore like me. She is thrifty and lives a very tight life, just to buy luxury clothes, bags and shoes.
After I launched a questionnaire survey on Gen Z in China, I found that this phenomenon is so common!
I‘ve asked my friends, is it really worth it? The answer she gave me was that sometimes it was worthwhile and sometimes regretting. The worthwhile point was that she was not looked down upon by the group of fellow international students. The worthwhile point was that she considered the return rate and vanity on social media... The point of regret was that she was anxious when she had not paid, and even dreamed that she had no money, malnutrition and mental state. Good leads to frequent abdominal pain and a lot of hair loss…
I asked my friend again, if everything happens again, will you still carry heavy loans for these luxury goods? I was not surprised by her answer. She said no.
At the same time, she also told me that the origin of everything was that she thought that she should have a decent bag after studying abroad. She went to the store to buy the first luxury bag in her life.
She fell in love with this feeling uncontrollable from then on... Later, her living expenses were not enough to support her to go to the counter to buy. She found that many things were doing The price of second-hand luxury goods stores is much lower than that of the counter. She is even more excited and unrestrained to buy...
She said that domestic lending platforms such as Hua Bei often offer 3 interest-free installments and other discounts. This money only needs to be paid in three installments without interest, which is really cost-effective! However, the more you buy, the more money you need to pay to the platform. Like a snowball, then you realized can’t afford it anymore...
At first, there were friends who were willing to lend it to her. Later, the friend found that she was slow to pay back the money and paid it in installments, so they didn‘t want to lend it to her. She also asked for help from her family. The family was not rich, and there was little savings left after her to study abroad. Her parents thought that she was an adult and should be responsible for her own behavior, so they advised her to work part-time to pay off the debt... Later, she was desperate and found another lending platform, so she borrowed money from another lending platform to pay back. But in the end, what she borrowed had to be paid back, and she had been living like this to calculate the repayment date and the interest day by day…
