Shanghai Is Done! Middle-Class Downgrading Fast: Wealthy Women Worth Millions Now Buy $5 Clothes

Recently, Chinese Tiktoker Wang Nicole shared a video about the decline in consumer spending among Shanghai's middle class. The video gained a lot of attention, sparking comments from many middle-class individuals.
One person wrote, "My best friend says she won’t eat meals that cost more than 20 yuan. She has 1.5 million yuan in cash and lives in a spacious apartment, but she doesn’t buy clothes or bags. She wears my old clothes, and when we shop, she avoids eating out. A cup of water from McDonald's is enough for her."
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[TheBigExclusive]

It seems like Chinese citizens got a taste of luxury when foreign companies invested heavily in the country for about a decade. The citizens got used to the expensive high-end lifestyle.

But now that foreign investors and companies are pulling out, the citizens are having a very hard time adjusting back to the new normal. The luxurious lifestyle they are used to is not the norm. It was only a temporary high.

The people who are saving their money in this video are very wise.

[patrickt]

Don't Chinese understand that just because you're a millionaire/billionaire doesn't mean you have to be covered in expensive brand name clothes from head to toe? Not all rich people flash their wealth.

[HcCh-smkk]

Until the day they all wake up and realize who cause this downgrade in economy, they get no sympathy. Hint: who keep driving all the foreigner business to leave the country.

[nerdlingpodcast]

Tiktok and quality are not 2 words that should be used in the same sentence.

[richardzeitz]

Don't Chinese middle class people have anything to do beside shopping? It seems like all I ever hear about is how they can't spend so much, can't buy this or that. Or how they were suckered into bad real estate or stocks. Don't they have hobbies? Travel? Read? I'm poor as heck and I don't mind, so long as I've got health care. I'm under the poverty level, happy without cars and fancy new clothes. Is all they do in China is live as busy consumers? What they need are some hippies or maybe religious people, somebody to show them there's another way to live. It's sad.

[emersonshiff]

Something tells me these people are cash poor.

[stoveguy]

My house is worth 4x what I paid. But I can’t get a replacement in another town for less. So, I’ve “made” nothing.

[homerj]

"I didn't make millions of dollars by throwing my money away." - Quote from every self made rich guy.

[louisdiedricks]

600, 000 yuan to keep two children in international school is roughly $ 80, 000. Take the two kids out of that school, hire a tutor, and take them to the park to play with other children. Pocket the $ 80, 000.

[Hunty]

The rich excel at looking poor. The poor excel at looking rich. There's a reason the rich are rich and the poor are poor.

[garyhaslam]

Those idiots dont understand 'quality', trust or fair play.

[CanMav]

The only people who call Shanghai people refined and elegant are they themselves. Everyone else calls them peasants.

[lance]

Rice farming is the new craze in all of China 🇨🇳 🎉🎉🇨🇳

[amberrj.]

U only have to make about 12k/year to be 'middle class' Chınese. If you're not rich, then you're basically poor in Chına.

[gordonpatton]

It's called being frugal and it isn't strange behavior. It is inherent in becoming wealthy to begin with. You don't spend more than you make and the less you spend the faster your reserves of wealth accumulate. People who spend without regard rarely remain wealthy.

[westf.]

It's quite obvious, many since National Day had gone overseas to shop and dine out, thanks to Fan BingBing spending spree across SouthEast Asia. Look at how many of them can afford to buy expensive durians. Many even came to Uncle Roger Restaurant too, FUIYOH !

[haraldx]

Why do people with money have money ? Very simple : they don't spend money on nonsense and/or overpriced ítems.

[Ukie]

How can she pay for two residences in Australia. Something wrong with this picture.

[leiag]

They probably don't have a week's worth of food, but they're spending money on junk apparel.

[Charvo]

This is similar to the real estate bubble crash in Japan in the late 80s. Asset bubbles are a killer.