平替经济

Why pay luxury prices when the knockoff works just as well? '平替经济' describes the booming trend of Chinese consumers — especially younger ones — swapping expensive branded goods for cheaper alternatives ('平替', or 'flat substitutes') that do the job without the designer price tag. Think drugstore skincare instead of La Mer, or domestic coffee chains instead of Starbucks. It's savvy spending rebranded as a lifestyle flex.

As China's post-pandemic economic recovery proved slower than expected, youth unemployment rose and consumer confidence dipped. Younger generations began openly embracing frugality not as defeat but as a smart choice, driving explosive growth in domestic budget brands, white-label goods, and platforms like Pinduoduo and 1688 that cater to bargain hunters.

指消费者放弃高价品牌，转而选择功能相似、价格更低的替代品的消费趋势。