Consumption in Confucianism and China’s modern economic strategy

Abstract

Aim. The presented study aims to examine the concept of consumption from the socio-economic perspective and to investigate the relationship between modern consumer demand and the traditional Confucian way of life in China.Tasks. The authors determine the concepts of private consumption in Chinese society in historical retrospect and explore the influence of Confucian ideas on modern consumers in China.Methods. This study uses the methods of analysis, grouping, and systematization; synthesis of information from various sources in Chinese and English; general scientific methods of induction and deduction.Results. The current Chinese government is making efforts to boost consumer demand and purchasing potential, but the desire for consumption is not common to the traditional Chinese way of life. Confucianism, which has strongly influenced Chinese society, has made Chinese buyers unique in terms of their consumer behavior and preferences.Conclusions. Several factors affect the consumer habits and behavior in China: the ideas of Confucianism, which instill modesty and rejection of ostentatious consumption in the Chinese, on the one hand, and Western ideas of individualism and humanism, encouraging impulsive and status purchases, on the other. This apparent contradiction makes the Chinese a unique group of consumers with their own characteristics, which requires a more detailed study.