The financial industry is currently focused on frugality. People used to think that finance professionals always frequented five-star hotels and flew business class. But now, with shrinking salaries, luxury spending is no longer possible. For accommodation, 400 yuan per night is the norm in first-tier cities, but finding that price in Shanghai is nearly impossible, while in second-tier cities, it’s down to 300 yuan. When meeting potential partners for a meal, people now opt for simple, nearby meals, instead of lavish gatherings. In the past, it was common to have large group dinners, but now, the fewer attendees, the better – keeping things affordable. Where people once paid for streaming plans, some office colleagues have switched to watching short episodes that cost just a few cents per episode. Even digital products are not upgraded as often – for example, our investment manager still uses an iPhone 12, and my computer is four to five years old, slow but still functional, and I don’t feel like replacing it. Overall, the financial sector has become more modest; flaunting luxury watches and cars is no longer common.
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