Commentary
Goldman Sachs refers to Chinese millennials as “the single most important demographic on the planet today”. Making up one-third of China’s total consumers (415 million people), this group of young Chinese are a force to be reckoned with. They are the first Chinese people in living memory to have the chance to inherit and spend their parents’ wealth. They are digital natives who are reliant on technology, and see consumption as a form of self-expression and freedom. They are prone to job-hopping or increasingly, becoming entrepreneurs; and despite having a low salary compared to their Western counterparts, their disposable income is high, they travel extensively, and they borrow to spend. They see brands as part of their unique and rebellious identity, and are starting to pay attention to locally grown businesses. They demand a seamless integration of the offline and online worlds, and have built a “sisterhood” that forms the basis of the “she-conomy”. This is a fascinating demographic of growing importance to New Zealand. This Consumer Trends report looks to outline some of the key trends impacting Chinese millennials, and the potential opportunity they present to New Zealand.
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Article & Report written by MFAT (Beijing) April 2017
May 19, 2017