China’s youth turn their backs on high-end products 

Sad that it took the Chinese so long to figure that out. Status was everything, for a looong time after so many decades of Great Leaps Backward, and it still kind of is for that tiny portion of their population that hasn’t had to tighten their belts under Xi’s disastrous economy.

Yano Bernard anault isn’t worth $200 billion or anything

Western luxury goods and Chinese high-quality imitations are produced in one factory, even a production line, a machine, but the price difference is hundreds or thousands of times

​@@Coolestmovies Xi's disastrous economy are still way better than the western capitalism. So many have to visit the food banks and sleep in the cold tents. It's just a sad sight.

Gotta spend to make money. luxury brands make one a success.

The Chinese knockoffs you're used to aren't luxury products. 🤦

90% 0f us Inddians 0nly make a d0llar a day We can't aff0rd expensive made in china Iphones

@@Superpooper-2020 Apple sold 10 million iphones last year, mostly in Tier II and Tier III cities. The biggest seller in India is Samsung which ain't cheap either.

That’s why it’s called eurotrash

Too true. luxury goods back then can last for a long time. Everything is disposable now. 😞

​@agony6569even you're poor😢so😅

@agony6569 coping is still better than spending the little money you have on the brands

Just remember that China has billions of people. The rich will continue splurging and perhaps those who are of more middle-class will change their spending habits.

​@agony6569not as poor as you, your country is nowhere the top consumption countries

They’re not shunning them at all. They still want them, desperately, but they can’t afford them because benevolent dictator Xi has allowed their economy to become a disaster, and their futures to become severely limited. Remember when the Chinese government once told the ENTIRE population that to “get rich was glorious”? LOL. The whole world learned eventually that Dictator Xi decided getting rich wasn’t glorious after all, as it might present challengers to his authoritah. So suddenly there were crackdowns on billionaires, millionaires, pop stars, people hiding their money in overseas real estate (and ruining housing markets around the globe) and so on. What a miserable state of being to exist in. And to see all the bot comments on here quaintly praising the supposed austerity of Chinese youth is utterly laughable. Trust me, Chinese youth still want ALL the perks, but they’re now realizing their country’s middle class was a house of cards. I feel for them. They deserve better. SCMP used to believe the deserved better, before they had to toe the Party line and never, ever step over it.

thats mostly the case for three decades...

After the pandemic, it is disappointing

Don’t confuse quality with those overpriced brand items. For brand items,you are paying 10x more just for the advertising and aimed at low self esteem people

The other side of this is that there are cheaper brands that make great quality that are on par or better than the brands.

Absolutely correct!!

@@bobbiusshadow6985 South Koreans has quite possibly the most toxic form of 'showing off' culture, they attach way too much importance to luxury which is considered a status symbol, obviously this phenomenon exists in other countries too but SK takes it to another extreme level.

South Koreans are insane. They are way more brainwashed by brands and marketing due to the severe lack of critical thinking they are taught as children.

No chinese are just broke

As a Korean, I shake my head in disappointment at their behavior. Coffee shop girls buying Gucci on installment plans. And you know what? Truly rich people are "quiet-rich." It's the upper middle class who wants to be mistaken for rich who are loud-rich.

The Chinese are pragmatic above all else when it comes down to it lol. I think Korea can blame its highly stratified social customs for why everyone seems so label obsessed and can't ween off of it.

It'a all bout the NAME. for a $1000 price tag, 50 goes to materials, 700 to name and the rest labor, ads, etc.

Not much choice, now that their economy is struggling with crippling deflation, and will be for the foreseeable future. Even the SCMP reports on that, as much as they’re allowed to, anyway. This isn’t really a ‘maturing’ market so much as a majority of people within that market being besieged from all sides financially (and so many other ways) and not being able to afford the ‘luxuries’ they actually still want. The austerity being praised in these comments (mostly by bots) would disappear in a heartbeat if the economy turns around, but that’s a long ways off, if ever.

@@Coolestmovies 20 years ago, many young people were arguably in worse financial shape, but nonetheless many would still have chased such luxury items. It's a combination of both finances and gradual changes in young people's attitudes towards such luxury items.

Make china poor again

#coolestmovies seems to live in a delusional self created utopia under a media that is centred on their own version of propaganda.. grow up buddy, if China is really becoming poor then they wouldn’t be investing billions in Africa and Southeast Asia, not to mention US is the one that owes money to China not the other way around,China may have many aspects that will not be agreeable for the west, but calling China a struggling economy is just absurd

Because it's not a bad thing!😊

SCMP is a Taiwanese media. Of course it wants to make anything about china look bad.

it is VERY bad for the luxury brand manufacturers and designers.

@@shaggydawg5419 local sewer with history are "designers". the ones youre glazing at are business suits exploiting third world country concept creators

@@shaggydawg5419 I'm so sorry,but who cares....these are not the most important things in life!

High end brands are end game for the rich who likes art and design

Broke alert!

​@@azul1964no they're not, Custom made things are. You would never buy something from a brand when you can get it from a specialized artisan.

@@Alsry1 rich people don't have time to go for tailors especially for T shirts and underwear unless they are clothing fanatic or retired

@@Alsry1 rich people don't invest all their money into luxury esp if they are businessman

@@A-Wesker-5very true

More like why spend so much money on useless items? For the look, the prestige, the style.. an empty stomach doesn't care about those.

Luxury goods are overrated anyway, a waste of money.

lol. It's more like it's a huge recession so no one wants to buy anything extra

​@@A-Wesker-5damm ccp bots are on fire today

Not in Korea and Japan sadly

@@dasarhijau I saw like 3 lambo went passed me in a freeway and I’m in Los Angeles >_>

@@dasarhijau And how many are carrying knockoffs

Because they are poor and overburdened with expenses for basic living, buying a house was once a normal thing to do, today you're in debt for the rest of your life.

The youth will sell their body for a second hand LV bag in japn and korea

It would definitely last longer. Shein and Temu are just trash. I wouldn't spend $200 on a shirt though

Can it last 20 times longer ? By the time it is not because it doesn't decompose. It is because it fell out of fashion and get tossed away

china's home ownership rate is extremely high at staggering 90%. They need something else other than house and rice

And lamb meat!

​@ZETA14.88 it's not ownership untill the bank is paid. Even if you paid 80% and then loose your job you cant finish payments and you don't own it. Also the value of houses has dropped, they cant even sell their half paid house, market has collapsed.

Exactly😭

This comment dope

Not quite true, but often works that way.

This is actually a problem in Japan and South Korea as they fear of their friends and families looking at them being poor.

They stack up against the demon inside. Shallow deplorable generation would raise the next one and the next one with very little improvement..

ur thinking of billioniares who are over 50-60 years old, most young people who are millionaires or close, love luxury brands

exactly, the real rich people try to looked regular to protect themselves and they don't need to prove that they are wealthy to anyone. people with lesser money will try to prove that they are few class above them by buying branded items. the exception is the brand ambassadors, they are paid to wear those brands.

Respect

That’s very true and as you grow older you will realize that happiness, togetherness and beautiful memories are the only thing you could bring with you when you leave this world🌹

No they really don't have a great future.

They're broke

@@TacticalMayobetter than youth in america/western europe for sure....

@@TacticalMayo You are just salty about your own life and prospects compared to Chinese people as you spend it spreading hate on the internet against Chinese people which is one sad way to spend ones life.

So China people finally came to their senses. Previously they were splurging on luxury goods _ as a status symbol or being brainwashed by the glitzy ads _ high time China consumes Made in China products _ that's truly nationalist and patriotic _ support your Motherland. If you don't who will???

Japanese and German luxury are the only trustable with their prices.

How daer cpp ask dheir yooft to boycott haigh end westurn prodaks. De cpp is so dikteitur 😡. Gudd guys westurn contris desaarf to lekchur cpp evedyday an cpp maas giif monee an sapport Westurn prodaks

So agree 💯💯

Or how saying I never owned a luxury product without saying it. 🤦

Maj0rity 0f us Inddians can't even aff0rd 2 meals a day. 0ur GDP per capita is 0ne 0f the l0west in the w0rld.

💯

Vanity

​@agony6569keep buying your slop, pig

Everything is overpriced. Like the supermarket. 🤷‍♀️

Consumerism urges us to buy things we don't need, with the money we don't have, to impress the people we don't like. Chinese youth understood this and saw no reason to partake, especially when the alternatives offered more, at a fraction of the price.

The need to impress, and take loans,, huge debts,, end up suicide,, and this is true story

Not always true. Know plenty of rich ppl who own expensive things: watches, cars, real estate etc

He should have went with a maybach. We have only one life so aswell try and live it

​@@MesserschmittReaverLol you're still sitting in traffic 😂 rich people use helicopters

@@PatrickArcato i own a heli speak for urself?

But as producers of most of these luxury goods, they can actually get information about lower prices... For example, the actual Hermès bag costs only $30（in the factory）

500$ Hermes bag? Those go for 20x that much sometimes

Spot on.

it has been years since i looked at one of your comments again lol gave me deja vu

Hey found you

I thought everyone knew that but these 3rd world country people need to be taught everything 😂

So you only drive no name cars?

@@brunoheggli2888 why not? you only dare to drive a car with only name that stick out ?

​@@user-yj8zw7hk6fThere are no noname cars!Branding is importend!

A lot of people took a loan, end up in huge debt

yes. the emptiness within is the yearning to connect with nature, animals, earth and people that genuinely care about u, not materialism made from factories

@@benzpinto Yeah, I get the feeling though.. My mother was born in a coffee farm, she learned how to harvest, split, roast and grind coffee before she learned how to read. So for her the idea of me grinding my coffee and doing it by hand is absurd, she prefers a capsule coffee anytime haha. But as I grew up I only knew industrial coffee and computer work, so for me grinding the coffee makes me feel that I'm doing at least something manual, it provides a break from the craziness

I never understood why they don't have school uniforms in the US.

@@pineapplesareyummy6352 we do. Usually it is for private schools. But some public schools are making kids wear uniforms now as well. But I was referring to the international college students. Here in NYC, tons of trust fund kids from china come to NYC to go to NYU, Cornell, and Columbia. Parents rent out lavish apts for their kids. Gives them monthly allowances to splurge on luxury car leases... Remainder of their monthly funds, it goes towards highend shopping.

​@@cpcxgsr Oh, got it! But if it's university and graduate school level, they are already adults. How they behave is just a reflection of how they were raised. I know what you mean about the kid of the ultra-wealthy. Regardless of what is their national origin, they are living in an alternative universe completely disconnected from ordinary people. I have seem their Instagram, and even heard stories of some while going to an "elite" graduate school (they are white, Chinese, South Asian, Arab, etc. and many are admitted through connections - some were even children of sitting Presidents attending under different names. My friends and I got in through grades)

@@cpcxgsrit’s all fake from pandabuy. I got some Gucci shoes I got for 100$

It’s all fake

People walk around with logos "to tell the world who they are." 🙄 And that is indeed what logos do...just not in the way they believe. 🤣 I feel the same as you. Psychologically secure people, rich or poor, abhor logos.

Thats bad!They better buy bags then flying around!

Not really... they still have a looooooong way to go especially in the ETIQUETTE department and the MANNERS department 🤣🤣🤣

@@ToboeKey309 From my experience, nationalities don't matter for etiquette and manners. There are rude people in every country just as they are nice people. So stop your racist rants.

or kick someone out of the group because of not wearing certain brand.

You're aware that they are 1,4 billion in China right?

Hermes, Chanel, ysl,Dior, Cartier, Christian loubtoin , breguet, are famous too🇨🇵

@@PortugalZeroworldcup and none can survive china

@@jacksmith-mu3ee yup Latest serpentza video proves that You have other worries

No they are just broke!

Having an iphone in China is already a way of showing off

They're not black 😂

we all are 😆

3% of $10B is still alot of moolah. 😂😂😂

Because previouly it grew significantly year by year

​@@jonathanma5365though also know, it is a world wide trend that luxury fashion is dying, first of all hypebeast culture has already died in the west, though still very alive in china

For years it was China that drove growth in the luxury sector, and China made up a big percentage of total sales. Now that Chinese are spending less, it could have a serious impact on companies like LVMH, Kering and others. Thus, stock prices are down, and they may continue to go down. It will take perhaps a decade before India reaches a level where they can take up the slack, so it could be slim times coming for the luxury industry.

​@@jonathanma5365exactly, 2023 is the best year ever for LVMH because of sales in china.

I agree 100%. Play the same game. Use "national security" as a smokescreen for whatever BS you want to do just like the US does.

so you want to be responsible if all those foxconn apple factory worker become jobless?

​@@7WhiteSwordthey will find jobs elsewhere, apple isn't the only company in the world.

Just boycott Apple then

​@@7WhiteSwordlot Chinese own fancy brands why blindly buy Western one when they treat Asians Chinese Vietnamese immigrants like poor peasant, dumbb Chinese.

No

Urhh.... No? HongKong and Korea ladies will even go into debt for Prada, Gucci and the likes. 😂 Its usually the middle class that's coughing up money to look rich. To some level, knowing that its dumb to go into debt for a leather bag shows alot of maturity

Not western . Just american

@@jacksmith-mu3eeWhat luxury brands US has? Those are mostly European ones. EU have less high tech stuff, They are mainly produce stuff with inflated price and low tec

@@jacksmith-mu3ee The biggest luxury companies are French. Isn't France a Western country?

@@canuck21 France is begging china

Don’t ever start a business you won’t make it

@@skipbayless5604 I'm in one and already been managing it for 8 years. Churning profits and expanding. Thank you so much for your encouragement. I won't say I made it as we are still far from the company's vision but the business is healthy and expanding. Also, fluctuation of market cap and sales KPI is expected to range depending on market sentiment/season/geopolitics etc. Also, 3% will turn Ur company into crisis just means one thing, over gearing of your budget. No planning for variable cost occurrence or force majeure. So err... I don't know which hole U came from but your reply just seems like U r the one that have 0 experience with a running healthy business mentality. Meaning, U have 0 business sense/experience.

Thats bad!

The video does say that

只有老一辈人会这么想，年轻人可不想被割韭菜

只有老一辈人会这么想，年轻人可不想被割韭菜

@@mudshovel289 The video is making the claim that because teenagers are tightening their budgets, they are actively choosing to place a higher emphases on less-materialistic things and more on daily necessities. It's making the claim that there's a dramatic cultural shift from the youth to deprioritize name brands such as, "young people are SHUNNING what much of the older, more materialistic generations can't seem to live without" and "many are PRIORITISING fulfilling life experiences over high-end products." But in actuality, teenagers are forced to purchase less high-end products because they don't have anymore money. TL;DR teenagers aren't ditching name-brands because they want to but rather they are forced to which the video claims the opposite.

Well there are stores selling Louis Vuitton bags for 50$

Please, don't make me laugh.

They are fools!

🤣

No they aren't

My sil is korean she told me that some times 3 young women share a single room and if one of them has a name brand bag they all have turns to use it