The summer holiday in China is closing to the end. Children will be back to school while Chinese parents are busy checking bills and breathing with relief.
Jianpu Technology (NYSE:JT)
BEIJING, CHINA, September 4, 2019 /EINPresswire.com/ —
From mid-July through the end of August, the six-week-summer holiday in China is closing to the end. Children will be back to school while Chinese parents are busy checking bills and breathing with relief.
In recent years, Chinese parents tend to spend more money on their children’s summer holiday. The saying "a half year’s salary couldn't support one child’s summer programs" has gone viral on Weibo.
“In the last two months, we have spent between 30,000 to 40,000 Yuan (US$ 4285 – 5714) on our son,” said Wu Yuan, a young housewife from Anhui province of China. This summer, Wu Yuan has just finished her master degree but has not found a job yet. All of these family expenses are supported by her husband’s 10,000 Yuan (US$ 1428) monthly salary.
What is the reasoning behind this generosity? To discover the answers, Rong360 Jianpu technology Inc. (NYSE:JT) released the questionnaire "Sharing Children's Bills – A Survey on Summer Vacation Economy" to hear the voices of the parents.
The conclusions from the survey are clear in that Chinese parents are very willing to pay for their children’s extra classes and training in summer break, even under economic pressure. The survey shows that 27% parents’ monthly expenditure is in the range of 1,000 to 2,000 Yuan (142US$ – 286US$).
It is not difficult to infer that spending is positively correlated with their income. 38% of the families with a monthly income of more than 20,000 yuan said they have spent between 10,000 and 20,000 yuan in the summer vacation. Of those households with a monthly income of less than 5,000 yuan, 57% spent 1,000 yuan or less each month.
However, some information is surprising. In county-level cities and suburban areas, 11% of respondents said they have spent 7,000-10,000 yuan a month on child’s classes during the summer vacation. In first-tier cities, the figure is only 6%.
Primary school is the stage where parents are most willing to pay for their children, with more than 60 percent of respondents saying they spend more than 2,000 yuan a month. 11% of the respondents said they have spent between 7,000 yuan and 10,000 yuan per month during the summer vacation. 13 % said they spend between 10,000 yuan and 20,000 yuan a month.
In addition, having a second child also has an impact on family budgets. Rong360 Jianpu technology Inc. (NYSE:JT) noted that 30% of two-children-families said they spend less than 1,000 yuan per month on classes during the summer vacation. Only 14% of one-child-families spend the same.
In families with two children, the proportion of monthly class expenses above 10,000 yuan is 0, while for family with one child, 8.3% of the respondents said their monthly expenses were more than 10,000 yuan.
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Source: EIN Presswire