The Trap of Consumerism for Young People

We are fortunate to live in an era of peace and prosperity, free from the scourge of war. Yet there is a hidden menace that stalks the lives of many, especially the young - the specter of debt. In just a decade, the total amount of overdue loans in China has exploded tenfold to nearly 900 billion yuan, with those born after 1990 accounting for half of the delinquent borrowers. The average Gen Z individual carries a staggering debt load of 127,000 yuan, over 18 times their income.

Behind this disturbing trend lies the siren song of consumerism. Businesses bombard us with advertisements equating consumption with happiness, status and even love. Big data tracks our every move online to push products that feed our desires. Easy access to online loans removes the last barrier to rampant spending. Caught in this perfect storm, many young people find themselves drowning in debt before they know it.

Some resort to desperate measures. In Zhengzhou, a 24-year-old borrowed 20,000 yuan and was pressured to repay it within a month. Unable to do so and shamed by his parents' refusal to help, he took his own life, leaving his mother inconsolable. In Changsha, a failed entrepreneur racked up over 400,000 yuan in online loans she could not repay, choosing to end it all. In Wuhan, a graduate student leapt to his death, hounded by creditors for student loans he struggled to pay back. A 35-year-old Hunan man borrowed heavily to buy a home for his family but buckled under the debt, abandoning them through suicide.

Even white collar professionals are not immune. In Zhuhai, a 27-year-old paralegal earning just 3000 yuan a month had somehow managed to borrow a jaw-dropping 870,000 yuan across multiple platforms, with some loans overdue. The burden of this debt drove her to take her life through carbon monoxide poisoning.

How do young people with modest means end up owing so much? The answer lies in the consumerist playbook. First, bombard them with marketing messages tying consumption to emotional needs. A woman’s boyfriend doesn’t truly love her if he doesn’t buy her a designer handbag; carrying the right brand elevates your status above your peers.

Next, use big data to relentlessly push products they might desire, surrounding them in an online echo chamber curated by algorithms. Finally, make credit incredibly easy to obtain with minimal checks, available at the tap of a finger on a smartphone app.

Caught in this trap, many young people descend into a vicious cycle of consumption and debt, forever chasing the empty promises of consumerism. If you are a young person yet unburdened by debt, the key is to avoid online loans altogether. For those already in over their heads, it’s critical to recognize the mental prison of consumerism for what it is. Keeping up appearances is far less important than your long-term financial and mental wellbeing.

As a parent, don’t assume your child will never fall prey to these forces. Be alert to changes in their behavior and proactively discuss their financial situation if you suspect something is amiss. Overcoming consumerism is no easy feat. The allure of a financial windfall is but an illusion; the support of loved ones, while invaluable, cannot assuage the demons of debt that haunt sleepless nights.

Perhaps the experiences of those who have overcome debt can light the way forward. But the path begins with an awareness of the consumerist trap and a determination not to be ensnared by it. Spend within your means, consume mindfully and focus on what truly matters. Only then can we free ourselves from the chains of debt and live with true peace of mind.