Frugal is the new cool for young Chinese as economy falters

Consumer spending accounts for more than half of China’s gross domestic product. The new frugality is a threat to the world’s second largest economy. BEIJING, China - Before the pandemic, Doris Fu imagined a different future for herself and her family: new car, bigger apartment, fine dining on weekends, and holidays on tropical islands. Instead, the 39-year old Shanghai marketing consultant is one of many Chinese in their 20s and 30s cutting spending and saving cash where they can, rattled by China's coronavirus lockdowns, high youth unemployment, and a faltering property market. "I no longer have manicures, I don't get…