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China’s ‘she economy’ booms as young and financially independent women spend for themselves
- Female millennials and members of Gen Z increasingly find happiness and self-fulfillment on their own terms, and it has reshaped China’s economy
- Chinese women comprise the world’s third-largest consumer market, close to the combined retail markets of Germany, France and the United Kingdom
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The theme for International Women’s Day 2022 is “Break the Bias”, which asks us to imagine a world free of bias, stereotypes and discrimination. This is the third story in a series about gender equality in China.
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Felizia Yao, a 27-year-old single project manager from Shanghai, bought herself a diamond ring earlier this year, which came as a shock to some of her friends.
“I bought the diamond because I wanted to, and I have the ability to afford it,” Yao said.
“No rules stipulate that you can only get a diamond ring when you get married, or that it has to be a gift from a boyfriend. I’m my own hero. Now I have the ability, and I like to buy things that please myself and enhance my happiness.”
Chinese women, especially millennials and members of Generation Z, are spending more than ever on happiness and self-improvement.
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With a greater deal of financial independence than their parents and grandparents had, young females in China are playing a more visible role than ever in the consumer market, contributing to the flourishing “she economy” that revolves around female consumers.
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