Meaning:

“精致” means “elegant, quality,” and “穷” means “poverty-stricken.” Coined by Chinese netizens, this term juxtaposes two opposite ideas. The unlikely phrase describes a lifestyle ubiquitous among the young, who don’t earn much money but want to live a quality life and spend generously on stuff they like. This leaves them no bank savings or even in piles of debt from spending on credit cards.

Example:

A: 丽丽就是一个办公室小白领，怎么天天穿着一身名牌，还经常出国度假？

Lìlì jiùshì yīgè bàngōngshì xiǎobáilǐng，zěnme tiāntiān chuānzhe yīshēn míngpái，hái jīngcháng chūguó dùjià？

Li Li is just a common office clerk. How can she afford to wear luxury brand outfits all the time and spend vacations abroad from time to time?

B: 她是精致穷，每个月信用卡该还款的时候就去找爸妈要钱。

Tā shì jīngzhìqióng，měigeyuè xìnyòngkǎ gāi háikuǎn de shíhòu jiù qù zhǎo bàmā yàoqián。

She is one of those who lives a quality life on borrowed money. She asks her parents for help each month when she has to repay her credit card debts.