From pets to holidays, what gets China’s young adults to spend their hard-earned money this year?

The nation’s pet economy is booming, and so is young adults’ desire to travel and splurge on tech in a post-pandemic China

Results of annual China Beautiful Life Survey reflect changes in people’s livelihoods and where their priorities lie – including mental health – as the nation gradually begins to spend again

4-MIN READ4-MIN

Young Chinese adults are fuelling a boom in the nation’s pet economy. Photo: Shutterstock

Published: 9:02pm, 9 May 2023

Travelling, tech and health supplements – take my money!

That’s the sentiment among young Chinese adults who say these are the top three areas in which they intend to spend more of their hard-earned cash this year, according to one of the nation’s largest annual studies on people’s livelihoods.

And don’t forget about their furry little friends – the pet economy has become one of the fastest-growing sectors among young consumers.

The annual China Beautiful Life Survey found that more than 32 per cent of those between the ages of 18 to 35 plan to spend more money on tourism this year – perhaps unsurprising after three years of heavily restricted travel under the zero-Covid policy.

Chongqing, Beijing, Xiamen, Shanghai and Chengdu were the most popular domestic destinations cited among respondents in that age group.

The southwestern city of Chongqing saw a surge in tourists during the recent Labour Day holiday, welcoming 6.41 million visitors – roughly 18 per cent more than during the same period in 2019.

Driving domestic consumption, post-pandemic “revenge spending” has also inspired a new style of tourism among young Chinese adults, known as “military-style travel”.