Shops peddling two-yuan bread, three-yuan all-you-can-eat porridge and 10-yuan haircuts are popping up all over China to cater to the thrifty, as the Chinese fret about job security.
With record high youth unemployment, tumbling property prices and falling wages, customers and business owners told The Straits Times that job security is top on most people’s minds. For comparison, buns from bakery chains such as Weiduomei or trendy shops like Paris Baguette and Holiland can cost up to 10 or 20 yuan.Mr Liu, who is the bakery’s sole worker, pays about 6,000 yuan a month in rent and upfront franchising cost of more than 20,000 yuan.
Mr Zhang Dongliang, 43, owner of a small barbershop in Beijing’s Chaoyang district, set up shop in 2023 offering a no-frills cut for 10 yuan to attract frugal customers.in northern Hebei province after the Covid-19 pandemic as the higher pricesAt his current shop, he sees 40 to 60 customers on weekdays and 70 to 80 customers on weekends, with queues of up to 10 people forming after work hours.
Monthly overheads, including rent, tally up to about 5,000 yuan while his monthly profit comes to more than 10,000 yuan.
Source: Financial Digest (financialdigest.net)
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