China’s ‘she economy’ booms as young and financially independent women spend for themselves
- Female millennials and members of Gen Z increasingly find happiness and self-fulfillment on their own terms, and it has reshaped China’s economy
- Chinese women comprise the world’s third-largest consumer market, close to the combined retail markets of Germany, France and the United Kingdom
Felizia Yao, a 27-year-old single project manager from Shanghai, bought herself a diamond ring earlier this year, which came as a shock to some of her friends.
“I bought the diamond because I wanted to, and I have the ability to afford it,” Yao said.
“No rules stipulate that you can only get a diamond ring when you get married, or that it has to be a gift from a boyfriend. I’m my own hero. Now I have the ability, and I like to buy things that please myself and enhance my happiness.”
With a greater deal of financial independence than their parents and grandparents had, young females in China are playing a more visible role than ever in the consumer market, contributing to the flourishing “she economy” that revolves around female consumers.
China has more than 400 million female consumers aged 20 to 60, and they account for more than 10 trillion yuan (US$1.58 trillion) worth of consumption every year, according to a 2019 report by Accenture, an information technology company.
This would make Chinese female consumers, collectively, the third-largest consumer market in the world, close to the combined retail markets of Germany, France and the United Kingdom.