China needs its youth to spend but they are embracing frugality

China is facing a number of economic challenges and its government wants the next generation of consumers to start spending more for the good of all, but it is not having much luck convincing them to do so. Officials say insufficient domestic consumption across much of society is dragging on growth, but recent graduates have more reasons than most to be cautious. Youth unemployment has been hovering at just under 20% for some time, those who have jobs fear they could lose them, and the ongoing property crisis can make the prospect of home ownership seem unreachable, especially in big…