‘Treat yourself' economy on the rise in China: report

Consumers are looking to pursue more enjoyment and self-improvement.

Purchases for oneself consistently accounted for nearly 60% of Chinese users’ overall consumption in the past three years, data from JD Big Data Research Institute and Economic Daily revealed.

The rise of the “treat yourself” economy was attributed to a shift in consumer mindset as well as pursuit of more enjoyment of life’s pleasures and self-improvement.

JD Big Data Research Institute’s Yi Zhang explained that the data shows female consumer habits oscillate overtime, with purchases for oneself as a proportion of total purchases rising in the 16-25 age bracket, and then falling as consumers build families around age 26-35.

It then rises again as kids grow up when parents become empty nesters from 36-55, and then falling at 56 and up. Purchases for oneself tend to fall into two categories – enhancing physical appearance and overall self-improvement, JD said.

For male consumers, there is a steady decline in terms of making purchases for oneself which peak around 16-25, to buying more for the family as time goes on. Even when the proportion is at its lowest at 56 and up, however, it still takes a bigger share than consumption for the family.

In 2020, the top categories for purchases for oneself include medicine, pet life, health products, personal care and alcohol. “It’s no surprise that under the influence of COVID-19, medical and healthcare products have risen significantly,” JD said.