In China, a growing trend of frugality has taken hold among millennials. They are embracing a “proudly stingy” lifestyle, taking on money-saving challenges and sharing their experiences on social media platforms like Xiaohongshu, which has over 300 million active users. Rising living costs, economic uncertainty, and a tough job market are driving this movement.
Participants aim to spend no more than 500 yuan (about $70) a month on food, documenting their daily meals and expenses online. Xue Yang, a 28-year-old from Shanghai, joined the challenge after losing her well-paid job as a financial adviser. She now spends two-thirds less on food than when she was employed.
“Ordering delivery for two meals a day used to cost at least 60 yuan [$8], which now can last three to four days in my money-saving mode,” Xue explained. Zhao Yongfang, a 32-year-old engineer, took on the challenge while working in Beijing, a city known for its high living costs.
Millennials adopt frugal living habits
She learned to cook affordable dishes and keep her dinners cost-effective. “I don’t see it as a challenge of being stingy. Experimenting with a tight budget made me rethink how I can make my lifestyle healthy and my diet cost-efficient,” Zhao said.
This shift towards saving contrasts with the lavish consumerism that previously dominated China. Sales for luxury brands like LVMH have recently dropped, partly due to slowing demand in the country. More Chinese are now embracing a simpler, cost-conscious lifestyle.
They are choosing to cook at home, reduce spending, and focus on saving for long-term goals like buying a home or achieving financial stability. As Zhao put it, experimenting with a tight budget has made her rethink how to live a healthier, more cost-efficient life. This sentiment is shared by many young Chinese in the current economic climate, as they prioritize saving over spending and adopt frugal habits to weather the challenges they face.
