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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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Chinese women comprise the world’s third-largest consumer market – close to the combined retail markets of Germany, France and the United Kingdom – and have reshaped the nation’s economic trajectory. Illustration: Lau Ka-kuen
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.

The Mafa Bazaar in Guangdong has attracted more than 10,000 young businesswomen since opening nine years ago. Photo: SCMP
The Mafa Bazaar in Guangdong has attracted more than 10,000 young businesswomen since opening nine years ago. Photo: SCMP
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