Unless you’re selling Zimmer frames or denture adhesives in China, there’s a good chance you’ll be targeting China’s Millennials – the single most important consumer group on the planet.
The 318 million Chinese aged 15-29 are the shoppers, travellers and hedonists who contributed most to China’s retail sales growth of 11.3% in 2015. Having only ever known a prosperous China, they are relatively free spenders, without the frugal predispositions of their older peers – they actually feel they have less in common with them than with Westerners their own age.
China’s Millennials are seven times more likely to have a university degree than those born in the 70s, which has helped make them the highest earning age group in China. Two-thirds are estimated to be in the ‘high income bracket’.
With higher educations and incomes, they have the curiosity and means to travel, and travel they do. The 14-year age bracket accounted for 50% of the Chinese travelling abroad last year.
With their average income set to double in the next decade, Chinese Millennials will not only travel more, but consume more of the world’s brands in almost every category.
Understanding this group, what pushes their buttons and where they seek information is important for almost every organisation trying to engage Chinese consumers. To help with that, China Skinny has whipped up an infographic which should give some interesting insights that you won’t have seen before. Go to Page 2 to see this week’s China news and highlights.