How Chinese Millennials Are Driving Transformational Change And The Economy
There is a large growing number of brands that are now beginning to understand why “China’s Millennials”, are the leading consumer demographic for major luxury brands, and for good reason. China’s millennial generation is growing in “consumer influence power” in the Chinese and foreign marketplaces, disrupting current blueprint models and are now the leaders in driving creative innovation.
Companies see millennials as the perfect consumer for their luxury brand products, but they also need to constantly change to an evolving crowd of consumers in industries that are in high demand of them.
Most of China’s millennials shop on mobile phones via e-commerce shops online. Chinese mobile users increasingly drive consumer trends; for example, in 2015, 70% of the post-90s shopped on their mobile phones and other devices or tablets, then on a computer, and in 2016 only 28% of young American consumers preferred to shop on their mobile phones.
Companies need to keep a close eye on how a Chinese Millennial buys, their ideas they bring to the companies table and what attracts them to buy their product or brand. This particular demographic knows it’s stuff, and their input should be deemed as valuable.
Leading the way is the willingness to learn new mobile apps and websites, China’s millennials have transformed China’s e-commerce boom, embracing enhanced lifestyles that have transformed the way they communicate, how they consume content, how they shop and eat, and where.
China’s millennials continue to drive the O2 squared consumer commerce strategy, as well as using multiple payment systems that integrate seamlessly into their lives for fast & secure payment.
This specific demographic is leading transformation in China, on how they interact in the marketplace, Chinese millennials control what is trending and cool, or what is not.
“They are more worldly, entrepreneurial, individualistic, open-minded and willing to spend,” says David Lung, a managing partner with Deloitte China.