CHINESE MILLENNIALS ARE MAKING A BIG NOISE ON THE GLOBAL STAGE. THEY ARE A GENERATION NUMBERING 400 MILLION, WHICH MAKES THEM IMPOSSIBLE TO IGNORE.
DHL discovery in China
A general like no other
In the 1980s, China took some very big, bold decisions. The one-child policy slowed the country's dangerous over population, but changed the country's culture forever. And the economic liberazation that started with rise of Deng Xiaoping created unprecedented levels of wealth in a country that was largely unaccustomed to it. This combination of circumstances produced a uniquely affluent and individualistic generation.
According to a report by fung business intelligence, most people in this so called privileged generation are only children in an often relatively wealthy family. For many this means In stark contrast to their European and American contemporaries, no student debt and no crippling accommodation costs.
A recent study commissioned by the Singapore tourism board showed young Chinese holiday makers spend more twice what their average Asian peers will spend. They are helping China to grow it's e-commerce market by a projected 13% between 2016 & 2020, with fashion items and consumer electronics dominating their shopping lists.
So how can the rest of the world reach them? According to e-marketer there are give things we should know about this growing, affluent and influential group.
lives lived online
A China internet network information centre (CNNIC) survey found that millennials (age 20 to 39 for the purpose of this poll)
Comprise more than half of Chinese internet users in 2016 in a survey conducted by sinomonitor, mobile internet penetration among China's urban millennials was above 90% in the 12 month ended March, 2016, the highest rate of any age group studied. So if you're an e-marketer looking to reach a millennials youre fishing in the right pond.
Wechat and Weibo, China's leading social platforms, are dominated by millennials.
In recent survey; Chinese millennials were
nearly twice as likely, as their US counterparts to agree with the statement " I shear everything that I do online " 76.6% of Chinese millennials create original content for their own online channel at least once a week, compared with 41.8% in the US. So when they are enthusiastic about something, it spreads fast.
They have the money to own their own home.
A recent HSBC survey found that 70% of millennials ages 19 to 36% in China are home owners-the highest rate among the 9 countries surveyed, including the US (35%) and UK (31%). Home owners are more likely to buy the home than renters, so if you're marketing homeward and decorative times, this is a very good place to look for customers.
They travel extensively.
According to an October 2016 study for airbnb, 93% of millennials in China considered travelling an important part of their identity: in fact, they rank travel at number one, above paying off debt, investing, saving, or buying a home or car further research by Kantar TNS shows that's as well as travel, Chinese millennials also value individuality, immediate gratification, novel experiences and self expression. This is the definition of open mindedness, so if you're selling global culture, China is buying.
The goods they are buying more of according to small biztrends, are ladies fashion items, such as clothing, shoes, jewellery, makeup and beauty products, such as skin care. This has led to accusations of superficiality. In fact mill ward brown argue that to be successful with this group, it's all about attaching the right celebrating to your product or service.
However, they are more socially conscious than this suggests. Just like millennials all across the planet, corporate social responsibility is required of every brand they are likely to approve.
DHL discovery in China
how long can this continue?
Lastly, it's worth asking is this sustainable?
Although the Chinese economy has experienced uncertainty in recent years, the county's leadership is motivated to keep the economy growing. Although they don't have to face re-election in s democratic system, they can be removed it they don't get it right.
So if you're wondering whether to reach out to Chinese millennials, the answer is a resounding "yes".
