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Centennials, the consumers that will dominate China

The Centennials are now an economic power worldwide, since the population born after 1997 already represents 35% of the total population of the world.

In China, this generation is usually composed of those people born between 1995 and 1999 and between 2000 and 2009 forming two different groups within the Centennials. And they are also fast becoming the main Chinese consumers: by 2020, 40% of Chinese consumers will belong to these two age groups and together they form the largest population of Centennials in the world.

Buy socially

Many of the members of this age group are only children, since the Chinese one-child policy lasted from 1980 to 2015. Although there were some exceptional conditions for a family to have two children, such as that the spouses were only children, Most Centennials in China do not have siblings. This has sown in them a strong need for socialization: they want to establish their social circles and find their identity. The report explains that 65% of Centennials are eager to connect with their friends. And consumption - what you have bought - has become a shortcut to entering groups with similar interests.

It's a pleasure, right now

The second aspect that most affects their consumption or that leads them to consume is to please themselves. More than 50% of Chinese centennials coincide with the statement "I spend money to be happy and enjoy quality of life." They long for happiness and satisfaction "at this time." They rarely hesitate to buy what they like, and They feel comfortable using credit cards to buy and pay in installments.

I am what I buy

Chinese Centennials believe that their identity can be established through their deep knowledge and achievements in particular areas, such as animation, music, film, games, etc. They are willing to invest energy, money and time in these areas to be the "experts" among their friends and be recognized for it. Your purchasing decisions are also aligned with this pattern of behavior. The study found that 23% of the Chinese Centennials had purchased at least one edition product collected in the last 12 months; while 26% say that they would study if a product is the same model that their idols have used (they feel that they are closer to their idols - and of their own ideal - if they use the same models).

Source: kantar.com

Publicado: 28 01 2019
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Centennials, the consumers that will dominate China
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