China Millennials
Key Takeaways China Millenials
- A generation shift, Millennials in China are, in general, quite prudent spenders.
- Chinese millennials’ spending habits increasingly adopt to and reinforce the stay-at-home economy, more than just a response to the COVID-19 outbreak
- They seek convenience and efficiency, but also a healthy lifestyle.
- Chinese millennials reach more rational decisions by combining both online and offline shopping habits
- Thanks to e-commerce, small-town youths have become loyal consumers of premium/luxury products, and more receptive to domestic brands.
- Social recommendations and word of mouth play an increasingly important role in the consumption process of Millennials.
- Broad choice of subsectors for a suitable and adaptative asset allocation
- 400 million hungry consumers that will represent 69% of the consumption.
Executive Summary
Millennials around the world are disrupting the way we do things from shopping to traveling and even working. Growing up during a period of high-paced economic growth and prosperity, China’s millennials tend to be more affluent, tech and digitally savvy, and open to new experiences.
There are a lot
China currently has about 400 million millennials, compared to 80 million in the United States
They are cashless
Alibaba’s Singles Day sales were over $74 billion in 2020
They are entrepreneurial
According to JWT Intelligence, 74% of Chinese millennials would start their own business if they had trouble finding a job
They are digital natives
More than 90% of millennials in China own a smartphone
They are demanding for luxury goods and consumer electronics
BCG and Tencent observed Chinese customers are expected to account for 40% of global luxury goods sales by 2024, with those aged 18 to 30 accounting for 58% of luxury goods buyers
They are heading abroad for education
Many Chinese millennials are looking to international institutions to further their education
