BEIJING, Dec. 25 (Xinhua) -- Younger generations of Chinese are more willing to spend, thanks to the convenience of mobile payments and various consumer credit services, China Daily reported Tuesday.
People born in the 1980s and '90s have become the mainstream consumers in China, Dai Ke, a partner with consultancy Roland Berger, was quoted as saying, adding that the internet has increased their desire to buy.
China has the world's biggest mobile payment market, said the report, citing official data that mobile payment transactions exceeded 200 trillion yuan (about 29 trillion U.S. dollars) last year.
Consumer credit services have boomed and quickly become popular with the younger generation, making them easily buy now and worry about paying later. Figures from the People's Bank of China show that in the third quarter, 659 million credit cards were in use in China, a quarter-on-quarter growth of 3.36 percent, according to the report.
Industrial and e-commerce companies also offer various types of consumer credit services, with at least one-in-four of those aged 18 to 27 using Ant Check Later, a credit platform launched by Alibaba Group Holding's financial unit.
