The first wave of Chinese consumers has always been hard to get: prudent, and worried about their future. Beida business professor Jeffrey Towson describes at his weblog how the millennials have become an altogether different breed of consumers. On brand loyalty, emotion and confidence.
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.
Are you looking for more branding experts at the China Speakers Bureau? Do check out this list.