(The Jing Daily) - Luxury brands’ “Great Chinese Dream” is largely dependent upon China’s millennial and Gen-Z shoppers, who Bain & Company estimated would account for 46 percent of luxury purchases in the market by 2025. But what if this promising outlook is partially fueled by debt? A recent survey from HSBC shows that the debt-to-income ratio of China’s post-’90s generation (typically refers to individuals born between 1990 and 1995) has reached a staggering 1,850 percent. Meanwhile, the average amount of debt this group owes to a variety of lending and credit-issuing institutions is over $17,433 (RMB 120,000).
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