They spend 70pc more than an urban resident's disposable income
The mainland's urban young, riding the wave of a booming economy, are outspending their parents.
A survey conducted recently by the Beijing-based Parents Monthly found that young people spent 70 per cent more each year than the average city dweller's annual disposable income.
Xinhua reported that the survey revealed young people spent an average of 15,288 yuan a year, while the average city dweller's disposable income was 9,000 yuan. But the report did not reveal the number of people polled or the age range of the respondents.
Zhao Zhihao , a researcher in Jiangsu , told Xinhua the stronger economy and rising incomes were helping to create more young spendthrifts.
Hu Xingdou , an economics professor at the Beijing Institute of Technology, said another factor behind the spending spree was parents spoiling single children.
Cars and property are the hottest items on the young spenders' shopping lists, with the survey finding that 32 per cent of the respondents planned to buy cars, while 22 per cent were eyeing a flat.