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`Buy now, pay later`: 87% of young Chinese are debt-ridden, says report
The report makes a revelation that Chinese youngsters between the age of 18 to 32 are prone to `buy now, pay later` option.
Highlights
- Chines in the age group 18-32 are prone to buying luxury products
- The youngsters focus more on better experiences
A colossal 86.6 per cent of the 175 million people born in China during the 1990s are in debt, reveals Taiwan News citing a Chinese report.
The report makes a revelation that Chinese youngsters between the age of 18 to 32 are prone to "buy now, pay later" option and also purchase high-quality products for better experiences even though they cannot afford them, according to the online newspaper.
The time-saving and labour-saving products include shoes, washing machines, breakfast makers, and egg boilers, Taiwan News reported citing People`s Daily.
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Some of the other products besides them are beauty, entertainment and healthcare products.For several years now, the sales of such products are on the rise in the country.
According to reports, such products were searched for 300,000 times on e-commerce platforms marking an increase of 200 per cent from the year before, according to the online newspaper.