(Chinese consumers in Social Media) DT Caijing and Huabei, a personal line of credit product within Alipay app (450 million users), recently released the 2017 Chinese young consumers spending report. The report shows an increase of credit spending by the young Chinese consumers.
This line of credit product was released in April 2015, and grew to over 100 million register user within 2 years.
37.4% of 27 years old or younger users setup line of credit as the primary payment method. This rate goes done in the older age brackets.
More than half of personal credit line users are under 27 years old. The younger generation is more used to spending using credit. In contrast, the older generation is more likely to spend via their saving account.