Continuation..How Chinese Millennials Are Driving Transformational Change And The Economy
Chinese millennials tend to be very brand-aware, knowing the best US trendy products, and the top tier brands they represent. They may not be particularly price-immune in the marketplace for some products and services but are more driven to spend big
Chinese millennials are numbered roughly 400 million in size, which is five times more than the U.S. millennial population. 31 percent of the total population in China, and that’s major purchasing power.
Traditional brick & mortar stores remain the overwhelming favorite place to buy luxury goods still. A convincing two thirds (64%) of China’s millennials preferred this option, while only 9% chose local e-commerce sites and 4% overseas while traveling.
Luxury items like high-end diamonds are really popular and millennials now account for 68% of all diamond jewelry sales in China, reported De Beers, a consumer trait now that identifies China’s ultra-wealthy millennial population, as a diamonds best friend.
2017’s Chinese millennials also are more outgoing than other age groups, and like dining out rather than staying at home to eat. Chinese millennials look for high-end, over the top value and are big spenders when they find exactly what they want at all costs.
What this signals for luxury brands is that consumption has a different meaning for Millennials. “Consuming products and brands is not just a way to say who you are but a way to define who you are”.
For these reasons, it is fair to say that in 2017, the Chinese millennial is poised to control the market in the direction of consumer experience, transformation within companies, and technology combined.