Shanghai, China – Global market research company Euromonitor International released today a new white paper, “Cracking Chinese Consumer Codes – identifying and analysing six key consumer trends in today’s China”.
According to the whitepaper, millennials and generation Z are driving new consumer trends in China, such as the increasing demand for premiumization in everything from mobile digital purchase to cosmetics and the need for ethical, social and environmental positioning in products.
“The luxury goods market in China is expected to register 10 percent Compound Annual Growth Rate (CAGR) to reach USD415.78 billion in 2022, as the Chinese luxury goods market is embracing ever-younger consumer groups,” says Stephanie Yao, research analyst at Euromonitor International. “Luxury goods producers endeavour to enrich their product lines, targeting younger consumers with premium, personalized and affordable luxury goods to cater to their individual needs and tastes.”
Following on from Millennials, Generation Z represents the next wave of ethical consumers who take social and environmental issues seriously. Gen Zers expect brands to be transparent and accountable for their environmental and social impact.
Senior Population Consultant for Economies and Consumers at Euromonitor International, Lan Ha commented: “Gen Z population in China is smaller than Millennials and Generation X but they represent a unique and growing influential consumer segmentation. Born in the time when China already emerged as a global economic power and many from one-child families, Chinese Gen Zers have greater disposable income and are more open to spending and taking credit, compared to their parents who are known for saving. They also have a stronger sense of China pride, requiring brands to take this into account in their marketing strategy.”
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