Both millennials and generation Z in China are pushing unprecedented consumer trends. At a glance, these include the increase in everything having a premium option, and also the evolution of eco-consumerism. This is beyond just being in tune with the environment: the social dynamics of consumerism is addressed. With the Chinese luxury goods market expected to rise to a worth of $415.78 billion by 2022, more attention is being paid to what trends are involved, for businesses to find success in the growth.
Furthermore, generation Z are even more ethically aware, and consumer profiles represent a demographic who demand transparency and accountability in enterprises. They are a demographic who are more adept to spending, rather than the money-saving former generations, and look for brands who fully consider their marketing strategies.
This acronym means Double Income No Kids With A Dog. Many Chinese millennials come from the one-child generation. Thus, there has been a rise in families devoting their emotional needs to pets rather than multiple children. They are willing to source the most high quality pet foods, healthcare and accessories to ensure they live happy lives.
The emergent lazy economy
Consumption that prides itself on convenience leads to a lazy economy. There is a high amount of millennials who prefer to purchase advanced technology and beauty products that allow quicker and easier applications and usage. To take advantage of this, brands can invest in their digital progression.
Keeping up to date
Sharing checking-in posts has become a definite trend, where people address their fear of a lack of social inclusion by showing the world everything they’re doing. This is all to prove their active social lives, and can include activities such as travelling, watching TV shows and reading popular books.
“Brands can utilize this trend by learning to connect with millennials better. Share more information of social media to gain popularity,” says William Fink, senior population consultant for economies and consumers at Research Papers UK and Draft Beyond.
They are obsessed with looking good
The term face economy has been thrown around to describe the increase in correlation between possession of beauty standards and success. Chinese millennials spend much more than ever on their personal looks in order to gain social standing. This includes fitness, nutrition, makeup and skincare and spa treatments. The trick here is to make sure you sell a product that really works. Once you have this, it will be shared on social media and will rise in popularity. Then you will gain a lot of customer success simply because people act like sheep.
Pay attention to heritage
China Hip refers to the combination of older, richer Chinese traditions with the new age fashions that people buy into these days. There is a growing interest amongst China’s younger generations in the nation’s story. They wish to represent this in how they express, through clothes and aesthetics, to skincare routines and greetings.
“Adding traditional features to products can gain popularity and the ability to also add more monetary value, gaining both more profit and higher customer success,” says Thomas Nestor, global market researcher at Last Minute Writing and Writinity.
Acknowledge the Buddha youth
A group of millennials that live in a peaceful and non-materialistic manner may seem like a red flag for fast-paced businesses. However, living in the modern world means that this group of youths still address their emotional needs through ethical consumerism. To target products to them, brands should consider their marketing strategies and production processes.
Buddha youth is translated as 佛系青年 (fó xì qīng nián) in Chinese.
The term slash means someone who identifies in multiple ways, for example a doctor who is also a writer and teaches commercial banking on the side. Chinese youth are interested in pursuing multiple paths at once, adding a much deeper meaning to the phrase work-life balance. This can be addressed by brands by becoming more involved in different activities and scenarios. Brand leaders and designers could publicly engage in different activities and clothing brands could appeal to more than one type of consumer.
For businesses to thrive in the modern day, it is crucial to comprehend customer realities. Understanding the trends that younger generations are following means speaking their language of consumerism, equating to customer success.