With China's per capita urban disposable income increasing to 27,000 yuan ($4,387) in 2013 - from 6,000 yuan in 2000 - Damas can't be faulted for being attracted to Wall Street. The absence of a comprehensive social security system and lack of investment channels in China may have prompted Damas to look overseas to increase their money in quick time. Economist Zhao Junhai says it is not gold that Damas need but a secure future. If the government improves the pension system, it could transform Damas into a significant purchasing power to further boost the economy.

Since Damas are big consumers overseas, travel agencies have designed special shopping tours for them in Hong Kong and many European cities, taking them from one designer store to another where they sweep luxury items off the shelves. Isn't it an irony then that despite boosting local economies overseas, Damas are ridiculed for their poor taste?

Damas have been criticized for their lack of social ethics too. Square dance, their favorite form of exercise, has drawn a lot of flak for its loud music and for disturbing neighborhood residents. But they get the much-needed exercise from square dancing, which also conforms to the spirit of collectivism and camaraderie that they grew up with.

Square dancing helps Damas to tide over the middle-age crisis, which in China includes the "empty nest" syndrome, says Li Songwei, a doctoral candidate in psychology at Peking University. Square dancing helps them socialize with their peers and provide support for one another, and thus can alleviate the impact of the aging population and the strict family planning policy on society.

Damas represent a transitional generation in China, from an age of want to an age of relative abundance. They have made their share of contribution to their families and society during the best years of their lives and need to enjoy the rest in whatever way they choose to, and should be judged accordingly.

The author is a writer with China Daily. yangziman@chinadaily.com.cn