In February this year, Ms Zhuo joined several online saving groups, with most members being women aged between 20 and 40. Every day, they log their budget and expenses. They also help to stop each other from making impulse purchases.

Ms Zhuo says that one member was tempted to buy a luxury bag that cost 5,000 yuan ($690; £560) but after talking to other women in the group settled for a much cheaper, second-hand bag.

She is surprised so many others are doing the same, and says she feels a sense of camaraderie with her saving partners. Just a month after teaming up with a partner, she says her spending was down by 40%. She now aims to save 100,000 yuan this year.

Wen Zhong, a 30-year-old primary school teacher, says she has cut back her online shopping with the help of her saving partners.

Instead, she now spends more time reading and weaving. She has also started selling her handmade products at a local market, which brings in extra cash. More importantly, Ms Wen says, this has helped her shift towards a minimalist lifestyle, which she appreciates more.

China already has one of the world's highest saving rates. Official figures show that by the end of 2023 the country's households had about 138 trillion yuan in the bank, an almost 14% increase from a year earlier.

But Dr Lu says this high level of savings may prove to be a major problem for the Chinese government. Normally the country's central bank can help boost the economy by cutting interest rates as it makes saving less attractive. However, if people continue to avoid spending and save their money instead it could blunt the bank's ability to influence the economy.

Meanwhile, some women have opted for a more traditional saving method - keeping cash at home. It is unusual as China has gone largely cashless, with so many people using apps like Alipay and WeChat Pay.