There are approximately 200M Chinese between 15 and 24 years of age. They are about 15% of the population and have, by and large, been raised in abundance.
Unlike previous generations, most have no memory of hunger or extreme hardship. They have mostly grown up in modern apartments with modern conveniences. They are a very different and pretty awesome group. Here are three ways they are different:
1. They are more brand loyal than other middle class Chinese consumers. They are also more interested in trying new products.
2. They are more emotional (in terms of buying) and less concerned with being frugal. If you are focused on up-trading consumers, this is your group.
3. They are really confident about their own financial futures. This group is super-confident and that enables spending.
Basically, this is the demographic the whole world has been waiting for: emotional, confident, big- spending Chinese consumers. They are also the demographic that is most similar to consumers in developed economies.
Finally, it almost goes without saying that young consumers are a lot more wired. They are overwhelmingly online and 90% have mobile phones. If you want to reach young Chinese consumers, you need a strategy for smartphones and the Internet.
Thanks for reading. Jeff
Thanks for reading. My writing (and speaking) are on how rising Chinese consumers are changing the world. (#ConsumerChina). This also includes work on:
- “China 2025″ – what a region transformed by Chinese consumers, companies and capital is going to look like. (#China2025)
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If you would like my recommended China reading list, you can get it at www.jeffreytowson.com. You can also get a free chapter of my One Hour China Book there as well.
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