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In the context of a global economic downturn, Millennials—who represent the emerging primary consumer demographic—are increasingly adopting a minimalist consumption model. To understand this phenomenon, this study employed a partial least squares structural equation modeling (PLS-SEM) analysis of 554 survey responses from Chinese Millennials. Building on the Theory of Reasoned Action, we explored the effects of consumption orientation, perceived economic pressure, self-expression, and perceived consumption risk on symbolic and simulacrum consumption perceptions. Furthermore, we investigated how these perceptions shape minimalist consumption awareness and behavior. The findings indicate the following: (1) consumption orientation significantly and positively influences symbolic consumption perception; (2) self-expression and perceived consumption risk positively affect both symbolic and simulacrum consumption perceptions; (3) symbolic consumption perception has a positive impact on minimalist consumption awareness; and (4) upward social comparison exerts a significant negative moderating effect on the relationship between minimalist consumption awareness and behavior. This study is the first to integrate symbolic and simulacrum consumption into the analytical framework of Millennials’ minimalist consumption behavior, shedding light on the nuanced relationship between self-expression and consumption behavior under economic pressure. The findings contribute a novel theoretical perspective for future research on minimalist consumption and offer practical insights for businesses aiming to devise effective marketing strategies amidst economic challenges. Full article