China's economic downturn leads youth to 'pingti' budget shopping across luxury goods, everyday items, and travel.

Amid China's economic downturn, young consumers are increasingly opting for budget alternatives across various categories, including luxury goods, everyday items, and travel. This trend, known as "pingti," is fueled by economic challenges such as high youth unemployment and deflation. Platforms like Alibaba's 1688 are seeing a rise in demand for affordable options as consumers seek to save money while navigating financial uncertainties.

September 30, 2024
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