A report noted that in 2013, Chinese students’ average annual spending stood at around RMB11,347 (around US$1,826), or around half of the disposable income of Chinese urban citizens. As a valuable consumer base known for being responsive to fashion and trends, the new student demographic has prompted the emergence of numerous installment payment platforms in China. Renren Fenqi is an installment payment platform backed by China’s Facebook clone Renren. The payment platforms boom reflects the spending habits of China’s young adults, and how they have changed compared with older generations, who are generally more traditional and conservative in spending. Screenshot from QufenqiThe installment platforms are mainly funded by self-owned capital, financing from venture capitalists and other channels.