China's young people are 'revenge saving' even as Gen Zers around the world are piling up debt

Post-pandemic revenge spending is still continuing, but in one part of the world there's something starkly opposite happening — revenge saving.

Rather than splurging on impulsive purchases, China's young are saving ferociously as the world's second-largest economy remains in the doldrums. 

Revenge saving has become a trend on Chinese social media websites, with Chinese youth setting extreme monthly saving targets.

A 26-year-old with username 'Little Zhai Zhai' is detailing her attempt to cap her monthly spending at just 300 Chinese yuan ($41.28) a month, with a recent video showing how she curtailed her daily meal expenses to just 10 yuan ($1.38).

Others are finding "savings partners" on social media. These partners form a savings circle that ensures its members stick with their goals. Savings measures also include dining at community canteens usually for the elderly, where fresh meals are sold at relatively cheap prices.

"Chinese youth have a revenge savings mentality," said China Market Research Group's Managing Director Shaun Rein. "Unlike youths in the 2010s who often spent more than they earned and borrowed money to buy fancy items like Gucci handbags and Apple iPhone, young Chinese have started saving more," he told CNBC. 

Other telltale signs of younger Chinese tightening their purse strings are trending buzzwords such as "reverse consumption" and a "stingy economy." The former refers to making a more conscious effort to cut spending, while the latter connotes actively seeking out discounts and deals when shopping. 

This is in stark contrast to a wider trend among the youth, particularly Gen Zers — those born between 1997 and 2012 — who are reportedly financing their expenditures such as travel via debt. According to a