Young Generations Prefer to Save Money? Consumption Downgrade Becomes a Hot Topic on Soul Metaverse

The pandemic of COVID-19 significantly impacts economic development worldwide, reshaping young generations’ consumption habits. On Soul metaverse a social metaverse brought by Soul App where young generations prefer to gather, ‘consumption downgrade’ has become a hot topic. Soulers (Soul App users) share lots of tips to save money, post to record their consumption behaviors, and discuss how to find cheaper alternatives for their desired products. Now, let’s get closer to this new trend!

Some Soulers enjoy sharing useful money-management tips on Soul Metaverse.

Souler @Amber enjoys e-shopping at Pinduoduo, an e-commerce platform for low-price products. She used to be an office lady who would buy clothes and accessories according to trends. Now she prefers to buy what is meaningful to her instead of the highest-priced fad item. She finds that everyone can save more money daily once they are discerning their spending.

When she wants to make an impulse purchase, she would share it on Soul Metaverse and hope other like-minded peers can persuade her to give it up. For instance, when a newly-released perfume attracted her, she posted it on Soul App and invited other Soulers to stop her. “There is no need to buy perfumes as now everyone wears a mask in public to fight against COVID-19. Nobody can smell it.” A Souler left this comment, which successfully stopped her from buying the perfume. Souler @Amber suggests that we consider whether we actually need or want the item before purchasing. 

Souler @VanGogh shares several practical tips that everyone can do in daily life. He never goes to a barber to change his hair color. Instead, he buys hair color cream and finishes the hair coloring by himself at home. As an outgoing guy, he loves to invite friends to visit his apartment. Usually, visitors will be shocked by the wall full of decorative paintings when entering his home. These paintings seem to be very expensive. But indeed, they are illustrations that he cut from magazines. In this way, he saves a huge amount of money.

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Souler @Molly believes that saving money is a task everyone can accomplish. She concludes several money-management rules and shares them. Here is the list of rules she posts online:

1. Create a money-management strategy by analyzing your spending and developing a budget.
2. Avoid comparing yourself to others and making purchases based on trends rather than necessity.
3. Use the avalanche method to pay off your debts.
4. Reduce your spending by cooking and making coffee at home.
5. Save money by buying groceries in bulk and comparing the price of different platforms and stores before purchasing large-ticket items.

Many Soulers have commented on this post. They all agree that @Molly has summarized a series of useful rules. 

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Some Soulers explore the reason for consumption downgrade on Soul Metaverse.

A discussion on consumption downgrade also attracts Souler’s attention. Souler @Meow states that she actually has more cash in the last two years because she has to give up her travelling plan due to the pandemic. But she doesn’t understand why she wants to join in the consumption downgrade and try to save as much as possible.

Souler @BossWizard shares his opinion. He believes that pandemic makes people feel that life isn’t always easy. Many people lost their jobs during the lockdown policy. Saving money provides financial security, which helps prevent debt spirals in the event of unforeseen expenses, such as the pandemic, as well as emotional comfort while attempting a new job route. It doesn’t matter whether you’re cutting back on costs or putting more money aside; the important thing is that you have more financial flexibility to deal with life’s curveballs. 

Souler @LetMeFly holds a different view. He believes that most young generations choose to embrace consumption downgrade only because they have grown up and have to face life pressure. They have to deal with the rising living cost, like monthly house rent, their children’s expenses, etc. They are no longer young kids shielded by their parents. They have to become the hero of their children and ageing parents.

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From these cases, it’s not difficult to discover that young generations like to gather on Soul App to express themselves. In fact, Soul App is a leading algorithm-driven virtual social playground where users can express whatever they want and establish authentic virtual relationships. It’s Soul App’s mission to build a social metaverse for young generations.

Soulers may express their true selves and take inspiration from one another’s ideas thanks to Soul App’s immersive, appearance-agnostic, and interest-driven design. As a result, Soul App has embraced rapid user growth in recent years. It’s worth noting that most of its users are from Generation Z.

The hot discussion on ‘consumption downgrade’ is an epitome of the prosperous content ecology on Soul Metaverse. In the future, Soul App will continue making efforts to establish an immersive social metaverse where young generations can express, create, share, explore and connect.

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