How China's Urban Millennials and Gen Z Live and Spend

How China's Urban Millennials and Gen Z Live and Spend

Opportunities they offer

In 2019, millennials (born between 1980 and 1994) and Generation Z (born between 1995 and 2009) accounted for almost 40% of the population in China. The proportion of the population living in urban areas reached around 60% in 2019, and is projected to reach 65% by 2025. The demographic landscape and population trends have put a specific segment in the spotlight – urban millennials and Generation Z, which together represent one of the most critical forces shaping the outlook for the Chinese consumer market, as their attitudes towards digital convenience, shopping preferences and lifestyles are driving the growth of the relevant sectors and providing new market opportunities.

Urban millennials and Generation Z were born and / or live in a different socioeconomic environment than their parents and to previous generations, with significant opportunities to benefit from the economic growth of China. Their distinctive features include a strong attachment to smartphones, a willingness to pay extra for premium or smart products, pride in domestic brands, a preparedness to make thorough searches for high-quality products for babies and pets, in particular, anda willingness to spend on self-entertainment activities.

The article is property of Euromonitor International, a market research provider, and can be read in full through the link: https://go.euromonitor.com/white-paper-digitalconsumer-201013-How_Chinas_urban_Millennials_and_Gen_Z_Live_and_Spend.html?utm_campaign=SC_20_10_13_STN_Chinese_Gen_Z_and_Millennials&utm_medium=Email&utm_source=1_Outbound