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China’s consumers refuse to open their wallets. Is ‘luxury-phobia’ the problem? (www.scmp.com)

submitted 2 months ago by rss@news.abolish.capital to c/china@news.abolish.capital

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As China struggles to boost consumer spending, a professor at one of the country’s top universities has argued that authorities first need to overcome a psychological barrier: a deep-seated “luxury-phobia” that has taken hold among the Chinese public. The suggestion by Su Jian, a professor at Peking University, comes amid a debate in Chinese policy circles about how to revive the country’s sluggish demand, with retail sales slowing despite government efforts to rebalance the economy towards a...

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[–] melsaskca@lemmy.ca 2 points 2 months ago

People worldwide are starting to discover that there is more to life than something "pearl-encrusted" or yachts and such.