In Ningbo, Zhejiang province, China, a man named Hong has become a cautionary tale after spending over 4 million yuan (approximately US$550,000) on virtual gifts for a live-streaming anchor, hoping she would affectionately call him 'brother.' This obsession began earlier in 2024 and led Hong to drastic measures, including eating plain steamed buns to survive financially [3977b993].
Hong's fixation on the KOL (Key Opinion Leader) prompted him to drain his family's savings and engage in theft, stealing copper materials from his family's hardware business. Over a span of five months, from May to October, he committed more than 40 thefts, amassing around 2.3 million yuan (about US$316,000) from selling the stolen copper [3977b993].
His actions eventually caught up with him, and he turned himself in after a police investigation was launched. Authorities have since recovered over 1 million yuan of the stolen funds [3977b993]. This incident highlights the growing trend of obsessive spending on virtual gifts in China, a market that was valued at 140 billion yuan (US$19 billion) in 2019 and is projected to reach 417 billion yuan (US$57 billion) by 2025 [3977b993].
The story raises important questions about the impact of social media and live-streaming culture on individuals' financial decisions, as well as the psychological effects of such obsessions [3977b993].