Chinarrative Recommends: Brands, Buns and Retreats
Issue 62
Welcome to Chinarrative!
In this edition, we’re taking a bit of a fresh tack, highlighting some recent stories that caught our eye in Chinese media.
They reflect the country’s current socio-economic situation.
Or mirror changing consumer trends, where Chinese people are increasingly looking for ways to cut back on spending.
And capture changing social mobility dynamics in the world’s second-largest economy.
While the articles below won’t provide a complete picture of Chinese society, they can help shine a light on the present mood in the country.
Scroll to the bottom for a reader poll and tell us which one of the five pieces interests you most.
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Brands Go Bust
In 2023, the economic slowdown in China prompted a reduction in spending among Chinese consumers, leading to a decline in earnings for certain high-end retailers.
Mei Ri Ren Wu compiled a list of brands that went bankrupt in 2023 as a result of these changes in consumer behavior.
Elite Education
36 Kr published the observations and experiences of a young Chinese high school teacher in an elite high school in China. There, she observed that students from more privileged backgrounds or higher social classes tend to find success in their careers more easily than those from less affluent backgrounds.
This phenomenon reflects the stagnation of social mobility in China and growing economic inequality.
Falling Rents
The rental market in first-tier cities in China has experienced a significant downturn since the end of last year.
Tenants are proactively relocating from major cities to more affordable, smaller towns, prompting landlords to reduce rents in an attempt to retain them.
But those efforts appear not to be working.
Chinese sociologists attribute the exodus of young renters from big cities to the limited job opportunities offered in metropolitan areas like Beijing and Shanghai.
In this piece, news magazine Vista interviewed several tenants and landlords to explore this phenomenon.
Cheap Treats
Two-yuan buns (around 30 cents) have emerged as a new favorite among consumers.
In the current economic climate, lower prices have become a compelling attraction for consumers, influencing the confectionary industry to follow suit.
Since last summer, two-yuan bun bakeries have seen a surge in popularity in second-tier cities like Jinan, and even Beijing has recently welcomed some.
Mei Ri Ren Wu interviewed consumers and shop owners of these bakeries, discussing the value, taste, and quality of the inexpensive treats and the reasons behind their popularity.
Spiritual Journeys
Finally, Sanlian Lifeweek Magazine explored a new trend in the lifestyles of young people—weekend spiritual retreats.
These retreats involve taking quality time for oneself, regardless of location.
The article highlighted various examples of young Chinese stepping back from intense social lives.
Some opt for a staycation in the city, ordering their favorite takeout, while others choose to visit remote towns to disconnect from the bustling city life.
Ultimately, these practices reflect the inclination of the nation’s youth to embrace their true selves rather than seek validation from others.