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Chinese consumers have grown frugal since the pandemic, and this caution has persisted even after restrictions were lifted in late 2022.

Young, often single, adults say there is a lack of available and affordable homes to rent or buy, even when they have a frugal lifestyle.

Trends such as underconsumption core, loud budgeting, soft saving and the dupe economy are helping Gen Z embrace their frugal, minimalist side and be vocal and proud of their judicious spending habits.

It’s not hard to see how a frugal mindset reinforced by years of poverty and shaming by our culture could yield the same mindset around money.

Chief financial officer Neil Sorahan said he thought that consumers were simply being "a little bit more frugal, a bit more cautious" with their money.