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There are four years old, I wrote about the money habits of the Chinese Specifically, I said that the Chinese have a very high savings rate Some readers ask me what the Chinese are saving for Recently I just made a trip to China, and I would like to share some of my observations on the subject of how the Chinese spend their money now.
all, I would first like to say that I'm writing from the perspective of an urban Chinese family of upper middle class which is about 1 000 to 2 000 per month There are a lot of very wealthy Chinese and there are countless Chinese who are much poorer their spending habits may differ See also your name affects your spending habits.
Housing prices have zoomed out of control in the past decade, and the government has made efforts to cool the market prices have declined since 2009, but most young people are still not able to afford a home without help my hometown of Yangzhou, apartments sell for about 400 to 600 yuan per square foot This would mean an upper middle class family of eight to ten years of savings to buy an apartment of 1,000 square feet in cash in Yangzhou in big cities like Shanghai, apartments usually cost more than 1,000 yuan per square foot, so it's much more difficult to pay in cash.
Those who take a mortgage in China are called fangnu, meaning slave house another slang for the mortgagee is Woniu, meaning snail, because they are weighed by their shelter These people are usually very frugal with everything in their lives but they spend a large percentage of their income on their mortgage in addition, mortgages are adjustable in China, and the government may increase or decrease the rates will be so when people can pay cash they will because " they not only like uncertainty upper middle class families usually attempt to provide housing for their son when they marry, and including a new condo as a wedding gift pushes the cost of some marriages in hundreds of thousands of dollars.
Chinese public schools are not free by 12th grade parents should generally start paying for high school, or if they want out of their predefined area, they can do so by paying When it comes to college, many parents upper middle class prefer to send their children abroad because they believe foreign colleges offer a more solid training in addition, there are many unemployed students now in China, so a foreign degree gives a person an additional benefit in the research Some parents actually sell their homes to fund those international students, but others simply pony decades savings There are student loans in China, but they are very rare, most people pay for college with money.
The cars are very expensive in China considering the initial cost and the maintenance cost First of all imported cars cost two to three times the list price in America because of taxes and other supplements as a car which is about 30 000 new in America can cost 60,000 to 90,000 which is a car almost as expensive as the apartment there are cheaper alternatives to import Chinese-made cars, but Chinese prefer to buy imported Audis and BMW because they say the quality of the cars made in China isn t as good since they spend a big chunk of money, they prefer to buy something nice in addition to the initial cost of the car, there are steep costs for the registration of vehicles in some cities to help reduce congestion in Shanghai it costs on average 10,000 to save just a new car, and regis tration is done by a monthly lottery once you get the car and start driving, you will find that almost all roads have a toll of about 10 cents per kilometer 16 cents per mile even with these costs, more and more cars are more on the road.
The common thread that I saw in China is that the Chinese are still very frugal in their daily lives, but many people are saving for a big thing Another notable thing is that Chinese parents pay everything they have in their children even after their children are adults in the end, Chinese and Americans all want to live a better life, but the difference is that most don t reach that Chinese living on borrowed money Sometimes I do not know not that the Chinese method is clever or naive, because it seems that many Americans get what they want without saving for years, and it is not difficult to get rid of the debt by legal maneuvers.
What do you think it's stupid to save for purchases in your life when you can fund everything.
Interesting article As a Chinese living in the United States, I find that my frugality lies mainly in cost reduction in the teaching of Housing and Cars is another story while not caring too much to keep other small expenses to This is down almost contrary to the Chinese I've never understood penny pinching on food, electronics, vacations, etc. to afford a BMW or glossy home.
A friend read an article somewhere in Chinese on US traders research the Chinese consumer habits, up to a tour of a typical Chinese house all immediately visible to a visitor, including home, car, and even the refrigerator was pristine air but once the market dug deeper, they found things such as utensils, kitchenware, electronics, etc. all made of cheap materials.
Yes the Chinese love pennypinch on the little things One example is that most grocery stores as pay 20 fen for a bag and almost everyone either don t buy the bag or bring their own reusable bags is good for environment, however.
Hi Xin Lu, thank you for the ideas My wife and I were here in China for the last 3 months of traveling around the country and were shocked by the amount of purchases is available in all towns of the city, we visited in some cases, it seems that there is more shopping here than in most cities in the US or Europe.
I'm curious to know how you see the evolution of spending over the next few years, it seems there are more and more interested in spending money on things show that saving for buying wholesale this is a purely anecdotal insight, but with the price and the amount of purchases that we have seen, it seems that China is moving rapidly towards an expense you win the culture and I just hope it does continue not to the point that credit card debt and become commonplace.
You see there is a trend group increasingly spending money to keep Jones and Lees.
There is a group who spend what they earn, they're called yueguangzhu, meaning literally months vacuum generation because they have nothing at the end of the month regarding the large amounts of shopping available in most local reality don t buy the super expensive stuff in malls stores also don t seem to ensure that they can move goods t It's really weird.
I see that many people, not only Chinese they would spend more money on brand name show things and penny pinching when nobody is looking.
In a recent trip to China, I also noticed that more and more the Chinese middle class are becoming westernized with their trading choices and products as oppose to my trip there over 15 years.
I must secretly be very interesting Chinese, as this is the way we do it- penny pinching things even cars, to save and buy a home with little or no mortgage, our children are at the college home that we can afford, however, will be small and rural, as we spent most of our income to rent in a top school district it makes a lot of sense to me, as I hate uncertainty, and prefer lack of concern for material comfort my children see it differently.
As for your point of getting what you want on credit, then maneuvering on it- bankruptcy reforms have tried to do a lot more difficult to do knowingly to inflate the lifestyle is not admirable, as others pay the burden of higher prices on everything to compensate and student loans never go away.
I would like to know how much financial aid the Americans give to their adult children compared with other countries tells us our children- No scholarship, no college No school, not a good wage No money, die hard and once you are 18, you are invited to our house he worked- they are motivated to succeed.
Thank you for posting this article interesting Another question I ask myself is whether the spending habits of Chinese immigrants in the United States or not change my point of view is, to be in a homogeneous society like China, face must be maintained in order to adapt or be accepted Thus the propensity to spend is strong when their partners are in America celebrates the individual and, therefore, although peer pressure to follow the crowd is still there, but I think it is at least in my point, I think the Chinese American immigrants are more frugal than the Chinese in China and give the impression that all Chinese people are frugal.
This is really interesting insight It strikes me that you describe is that certain categories of expenditure would be considered as economies in China, but they're fresh here.
For example, if you save up to 10 years to pay cash for a home, you may save 30-50 percent would be your income for all this time, however, if you buy a home in the United States and begin to make mortgage payments, the money is considered an expense even if part of it goes to building your equity even if you can save up to pay cash for a car - that's considered But savings if you make car payments, that's considered an expense, even if much of it goes to your car equity, so to speak.
I guess the difference is that if you save, you have the ability, the opportunity, not to make those payments into your savings account for emergencies happen and you need to redirect this money If you d make payments on a loan, however, this option is that there likely is the Chinese term comes fangnu.
I also assume that if you made the excess, accelerated payments above and beyond your minimum monthly mortgage or your minimum monthly car payment, which could be considered savings.
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