HONG KONG--(BUSINESS WIRE)--#china--In 2019, millennials and Generation Z accounted for almost 40% of the population in China, an important segment driving the Chinese consumer market, according to global market research company Euromonitor International.
The new report ‘How China's Urban Millennials and Gen Z Live and Spend’ identified 8 trends profiling Chinese urban millennials and Gen Z:
Living on Smartphones: Chinese urban millennials and Generation Z live on smartphones for every aspect of their lives. According to Euromonitor, M-commerce in China grew by 64% in 2014-2019.
Premiumisation - A Tale of Two Groups: With growing consumer expenditure in China across both high tier and low tier cities, Chinese urban millennials and Generation Z are now more willing to spend on premium and quality products.
Redefined “Made in China”: Increased consumer confidence in local brands and national pride drive consumers’ preference for local brands or products featuring Chinese components, especially in apparel, footwear, and cosmetic industries.
Self-entertainment: China witnesses a growing number of single households, with a 3.5% growth in 2018-2023, compared to 0.8% in the U.S. and Japan. This segment of the population is willing to spend on products and services that are catered to self-entertainment.
Other trends include ‘Keeping Up with Influencers,’ ‘Comfort and Convenience in the Home,’ ‘Pets as a Family’ and ‘Advanced Parenting.’
“Chinese urban millennials and Gen Z are spending more time on mobile devices for their daily routine and entertainment. The growing focus on digital convenience, especially in the height of COVID-19, provided great opportunities for brands to engage with consumers in new ways,” says Kelly Tang, senior analyst at Euromonitor International. “Livestreaming and social media Key Opinion Leaders (KOL) campaigns are two of the new most popular ways brands adopt nowadays,” added Mia Chen, research associate at Euromonitor International.
Download the free report to discover the trends that are shaping Chinese urban millennials and Gen Z today and in the future.
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