Credit is fast becoming king in rapidly growing consumption market

The post-90s generation will dominate Chinese and global consumption trends in the next five to 10 years, with credit products or online installment products being the favored spending choice of the tech-savvy generation, according to industry experts.

According to a recent report released by global market consultancy Nielsen, the penetration rate of credit products is 86.6 percent among the younger generation, but 42.1 percent paid off their full balances in the same month without incurring any interest charges, which means 44.5 percent of them have actual debts.

The report said consumer credit is the major credit product used. About 43.3 percent of the young generation believe that credit products are a smarter way of consumption. Online installment products account for 16.9 percent of the young people's monthly incomes, while credit cards account for 13.7 percent.