Gaokao graduates go wild with wallets |
Following the conclusion of the national college entrance exam, or gaokao, earlier this month, China's high school graduates have been on a spending spree, marking their transition into adulthood. This phenomenon, termed the "post-gaokao economy," has seen an 88% increase in travel bookings, as many young people embark on their first independent adventures. Parents are often funding these "reward consumption" habits, leading to a notable rise in sales of electronics and personal care services. However, the trend has raised concerns about rational consumption, with dermatologists warning about the safety of cheap hair dyes and parents overspending on luxury experiences. Ultimately, this shift in spending habits reflects deeper changes in China's social landscape, as businesses seek to adapt to youth's preference for quality and emotional fulfillment over mere materialism. |
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