Consumer behavior is changing in China as young people have taken to using coupons and discount shopping in the world's second-largest economy.
Known as the "coupon generation," young shoppers have brought a surprising shift in the way Chinese business is done,a Press TV correspondent reported.
The spending habits of the 350 million Chinese aged between 18 and 35 have changed after consumerism took off as a result of the country's shift from central planning to an open economy.
The young population of shoppers in China is considered crucial to boosting the Asian state's recovery from recession and helping China take over from the United States as the world's largest consumer market.
The burgeoning consumer eagerness for deals seems to appeal to all ages and has therefore spawned discount clubs, online group-buying and pavement kiosks that dispense coupons.
According to the investment bank Goldman Sachs, China can dominate the world market as early as 2020, a Press TV correspondent reported.
Economical prudence has always been part of the Chinese way of life as many generations have lived in poverty.
The younger generation, however, has become more profligate and rarely saves since it has not experienced tougher times.
TE/HGH/MMN