And according to the Journal's Stella Yifan Xie, Shan Li and Julie Wernau, this boost in consumption couldn't come at a better time for the Chiense economy. 

While previous generations were frugal savers—a product of their years growing up in a turbulent economy with a weak social safety net—the more than 330 million people born in China between 1990 and 2009 behave much more like Americans, spending avidly on gadgets, entertainment and travel. -WSJ

The result? China's economy is receiving a much-needed diversification at a critical juncture - mainly amid pressure from a tariff-driven slowdown thanks to the Trump administration. Beneficiaries of the spending glut include Alibaba Group, Tencent Holdings, and other tech companies according to the report.