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China’s Gen Z splashes out on luxury, with little regard for debtChinese live-streamer Huang Hanwen uses domestic cosmetics brands and spends his time talking about animation, comics, games and short novels (ACGN), as well as domestic, Japanese and Korean celebrities and entertainment news. At weekends, he uses Make Up For Ever and drinks imported whisky mixed with Coke or Red Bull. Huang is 24, putting him in the same demographic as most of his 300,000 fans from across China – Generation Z, which is helping to drive Chinese consumer spending. This generation, born from 1995-2010, reportedly buys 15 per cent of all luxury goods sold in China, compared with a worldwide average of 10 per cent. Their expenditures also account for 13 per cent of their total household income, versus just 4 per cent in the US and Britain, according to a survey.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The willingness and desire of young Chinese people to spend their hard-earned income, and that of their families, is also playing an increasingly large role in driving China’s economic development, while outpacing the consumption habits of their peers in the West. We love watching TV series and videos of Chinese ‘ancientry’ style and ACGN. But we rarely talk about politics and the authorities, which are risky to discuss in public Huang Hanwen “My fans think I am handsome and look like Japanese and Korean stars,” Huang says. “Young people my age are very concerned about their appearance. I and many of my fans are willing to spend 40 per cent or more of our income on cosmetics, aesthetic medicine and clothing. “And we also enjoy spending on whisky, vodka and blind boxes of art toys. We love watching TV series and videos of Chinese ‘ancientry’ style and ACGN. But we rarely talk about politics and the authorities, which are risky to discuss in public.” Huang b
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Gen Y Speaks: A Stanford graduate, I quit the civil service to help transform my mum’s cleaning firm into a startupI graduated with an economics and engineering degree from Stanford University in 2014. When I was studying in the United States, I had tried internships with McKinsey, Morgan Stanley, startups and the Government. I thought my future career would be at one of these. Today, I find myself running a small cleaning business and look forward to the challenge that each day brings.
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Gen Y Speaks: An ex-professional footballer, I graduated amid Covid-19 and found a new callingI’m a 29-year-old who graduated in the midst of the Covid-19 pandemic. People at my age would probably have kick-started their career. However, I’ve had to restart it and unfortunately embark on my job search at the worst possible time. This is huge!! I mean let's face it.
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Gen Y Speaks: I used to lament my mum’s cooking but now I dine mostly at home
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Biden speaks with Turkey before expected Armenian genocide recognitionUS President Joe Biden on Friday spoke to an alarmed Turkey a day before he is expected to make the landmark recognition of the Armenian genocide. Armenians know it is not possible to verify the validity of this propaganda term (genocide) with historical and legal documents. 1915ArmenianLies
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