During the pandemic, Kathy Zhuo and her husband faced a 50% pay cut as she cared for her mother with cancer in southern China. To cope with financial insecurity, Zhuo turned to online groups popularized by the “saving da zi” trend, where Chinese individuals seek partners to share money-saving tips. This trend reflects a lack of confidence in the future economy, even as the country’s economy sees growth. Zhuo, working in the clean energy sector, joined online saving groups to track expenses, avoid impulse buys, and share advice with other women, ultimately reducing her spending by 40%.
Wen Zhong, a primary school teacher, also cut back on shopping with the support of her saving partners, immersing herself in reading and crafting instead. This shift towards a minimalist lifestyle helped her appreciate simplicity and generate additional income. While China already boasts one of the world’s highest saving rates, continued high levels of savings could pose challenges for the government’s ability to stimulate economic growth. Some women, like Ms. Chen, have opted for traditional cash-saving methods by keeping physical money at home rather than relying solely on digital transactions.
Ms. Chen, who owns a beauty parlour in Henan province, withdraws her income each month and stores it in a box until reaching 50,000 yuan, when she deposits it in the bank. Economic slowdowns have affected her business, while her responsibilities as an only child caring for elderly parents and planning for her children’s future have increased financial pressure. In China, parents typically purchase a home for their son upon marriage, with Chen estimating needing five million yuan for savings. Even with meticulous saving strategies, some individuals find comfort in seeing tangible cash reserves grow, providing a sense of security amidst economic uncertainty.
Lu Xi, a public policy professor, notes that the rise of saving partners reflects broader economic concerns in China, despite some sectors like clean energy showing growth. The online saving trend not only offers practical tips for reducing expenses but also fosters a sense of camaraderie and support among participants. This shift towards mindful consumption and financial planning can be seen as a response to economic challenges and a desire for stability in an uncertain financial landscape. Ultimately, the trend reflects a growing awareness of the importance of financial security and the need for proactive measures to weather economic fluctuations.
