Meaning:

Short for “平价替代品” (píngjià tìdàipǐn: cost-efficient substitutes), this term refers to merchandise, especially skincare products, cosmetics or digital gadgets, that are of fairly good quality but are more affordable and considered to be good substitutes for famous-brand products. The term first became popular among fans of social media influencers who would recommend such substitutes. The fans often trust the judgment of the influencers, who are believed to be “professional” and have spent a lot of time “doing research on skincare and cosmetic brands.” The term is also now used to describe other products.

Example:

A: 双十一你剁手了吗？

Shuāngshíyī nǐ duòshǒu le ma？

Did you buy anything during the “Singles’ Day” sales campaign?

B: 我买了一些护肤品，其中一款平替优惠力度很大。

Wǒ mǎile yīxiē hùfūpǐn，qízhōng yīkuǎn píngtì yōuhuì lìdù hěndà。

I bought some skincare products, including one “cost-effective substitute” that had a huge discount.

A: 说来听听。

Shuōlái tīngtīng。

Tell me more.

B: 玉兰油的一款精华，有人推荐作为兰蔻精华的平替。

Yùlányóu de yīkuǎn jīnghuá，yǒurén tuījiàn zuòwéi lánkòu jīnghuá de píngtì。

It’s an Olay face serum, and some have recommended it as the substitute for a Lancome serum.