Chinese urban millennials, Generation Z live on smartphones in every aspect - report

KUALA LUMPUR, Oct 13 -- Millennials and Generation Z accounted for almost 40 per cent of the population in China last year, an important segment driving the Chinese consumer market, according to Euromonitor International.

The new report, ‘How China's Urban Millennials and Gen Z Live and Spend’ identified eight trends profiling Chinese urban millennials and Gen Z, according to the global market research company in a statement.

This includes Living on Smartphones, whereby Chinese urban millennials and Generation Z live on smartphones in every aspect of their lives, with M-commerce in China growing by 64 per cent in 2014-2019.

The Premiumisation - A Tale of Two Groups trend shows 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’ trend states the increase in 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.

Meanwhile, Self-entertainment shows China witnessing a growing number of single households, with a 3.5 per cent growth in 2018-2023, compared to 0.8 per cent in the US 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.’

-- BERNAMA