Asia spoiled kids and their habits

Today i would like to share a post that i see also is happening in Thailand too.

This is the post:

https://www.aftenposten.no/verden/i/7l83yV/Kinas-unge-mer-bekymringslose-enn-ungdommer-i-Vesten-bruker-60000-i-aret-pa-luksusvarer

I translated this by google. But go in this article and see for yourself.

And the reason is that nowadays Thai also do this. They buy a ferrari or a really expensive car. And from this the kids brags about this on facebook.

See here:
https://www.abc.net.au/news/2018-10-23/chinas-flaunt-your-wealth-challenge-goes-viral/10404202


The trend is that they take a picture where they fall out of the new ferrari and on the ground they have money gold, best phone and so on. And then do this in a contest, where then try to have more and more gold or money then the other rich kids.

Is this a health way?

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Translated article : But go to the source and see too.

Meet China's generation Z. As a single child, they have been pampered by their parents and grandparents, and they live on a great footing compared to their cautious and conservative peers in the West, according to a new study.

They are fond of the future. They don't worry about future career prospects or international politics, not even for the commercial war going on right outside their doorstep.
- Spends more and saves less

It is a survey conducted by the company OC & C Strategy Consultants, which uncovers attitudes and lifestyle among young adults in China. The findings also help to shed light on why the world's major brands in the luxury segment are so dependent on the continued buying party in Asia's largest economy.

- This is a generation that has never known worries. Thus, they spend more and save less, says Adam Xu, partner in OC & C, who is based in Shanghai.

"We do not know if they will grow up and become successful, but we know that they already have a purchasing power group that consumer brands must address," says Xu.
A man carries a teddy bear in Beijing's famous and busiest shopping street, Wangfujing. In the street are both western luxury brands and traditional shops that have been here for hundreds of years.
Thomas Peter, Reuters / NTB scanpix
Didn't need to share with siblings

China's generation Z ended up in the middle of the butterfly. Due to one-child policy and astronomical growth in the 1990s and 2000s, they never needed to share with anyone and experienced only growth in wealth.

This contrasts with peers in the US and Europe. The lived-in financial crisis of 2008, has recorded record high student debt, may not earn enough to enter the housing market and apparently become more politically conscious than before.
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Uses large share of money

The study defines generation Z as persons born in 1998 and later. 15,500 were asked from China, France, Brazil, Germany, Italy, Poland, Turkey, UK and USA. Almost 2000 of them were from China.

China's generation Z accounts for 15 percent of its household consumption - approx. one seventh. In the United States and the United Kingdom, the consumption of peers constitutes 4 percent of their families' purchases. Although most of them do not yet earn their own money, they are large consumers.

Get 3000 kroner a month at home

Jasmine Wang (22) admits that she is weak for perfume. The departure student from Shanghai has 20-30 bottles of fragrances in limited edition from brands such as Guerlain, Tom Ford and Chanel. Such costs often cost well over 2000 kroner bottle.

She gets approx. NOK 3000 in monthly money from their parents. In addition, she can use their bank cards, and she gets money gifts - so-called "red envelopes" - from her grandparents on both sides.
Think western families are struggling more

"I think it's harder for families in the West, since universities are so expensive, and they usually have more than one child," Wang says.

Her parents got away with approx. NOK 6000 the semester when she studied at the Fudan University in Shanghai, a highly-rated educational institution.

In another survey from the same consulting company, it emerged that half of China's generation Z last year spent more than NOK 60,000 on luxury goods. This is more than the young adults before them, the so-called millennium generation.
Deer sneakers

The slowdown in China's economy hangs like a dark cloud over everyone, from American farmers to Apple and the casinos on Macau at Hong Kong. But lower growth in China's national product does not seem to have dampened the interest of generation Z to buy neither Adidas Yeezys shoes nor expensive skin creams.

Consultant Adam Xu sees two disturbing trends:

    Young people in China seem to turn their backs on a habit their predecessors have cherished, namely savings.
    They are willing to take out loans to fund their purchases.

Will always be more expensive

Jasmine Wang says she is trying to save. Still, she often uses more than she had thought about Singles Day, a giant sales and consumer party, the Chinese big company Alibaba is behind.

- In some way it always ends up that I buy for 20-30 percent more than I had thought, she says.