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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


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