"House Prices Falling, Feeling Depressed"... Chinese Wealthy Visiting Psychiatry

Real Estate Market Slump and Employment Crisis Increase Anxiety
Psychological Counseling Booms... 37,000 Centers Across China

It has been reported that the number of middle-class households in China applying for depression counseling is increasing. The root cause of the depression is 'housing prices.' As the Chinese real estate market faces a complex crisis and housing prices plummet sharply, the worries of the wealthy have deepened.

On the 7th (local time), Hong Kong's South China Morning Post (SCMP) reported that psychological counseling services targeting China's middle class are rapidly increasing. The media cited a survey by the Chinese corporate credit information provider 'QCC.com,' stating that the number of mental counseling institutions increased tenfold from 2011 to 2020, and surged by 60% in 2022 alone compared to the previous year. Currently, 30,700 counseling institutions are operating in China.

A female resident is walking in front of an apartment complex built by China's Evergrande Group in Beijing.
[Image source=Yonhap News]

Most customers seeking counseling institutions were college graduates. As of last year, 90% of the population spending money on psychological counseling held a university degree or higher, and they spent an average of 6,500 yuan (approximately 1.23 million KRW) per person annually on counseling. In other words, wealthy people have begun to complain of depression and seek psychiatric counseling centers.

Behind the sudden increase in depression among the wealthy was the issue of housing prices. SCMP diagnosed, "The real estate market crisis, uncertain economic recovery after COVID-19, employment insecurity, and rising medical and education costs have amplified the mental distress and helplessness of China's middle class."

Employment difficulties are also cited as a factor that intensifies depression among young people. Renowned Chinese psychological novelist Sun Jiake told the media, "Among Chinese youth and the middle class, the feeling that life is meaningless is becoming more pronounced than ever."

China's youth unemployment rate reached a record high of 21.3% in June last year, after which statistical authorities temporarily suspended the compilation of data. Although the youth unemployment rate announcements have resumed, some critics argue that the figures do not accurately reflect the true number of unemployed.

Meanwhile, the psychological counseling business is thriving. It is said that the number of young people choosing psychological counseling as a career has also increased. The media explained, "Due to the increase in potential customers, job seekers' interest in the profession of mental health therapists has risen," adding, "mainly people in their 30s are considering entering the profession, and currently, among novice psychological counselors, those aged 20-29 account for over 30%, and those aged 30-39 make up 51.6%."