China’s Gen Zers to sway marketing, retail trends as they become major force driving domestic consumption
- Gen Zers, those born between 1997 and 2012, to account for 21 per cent of the mainland’s total population by 2025
- Among China’s high-net-worth population, Gen Zers will be the beneficiaries of US$3 trillion in intergenerational wealth transfer in the coming decade
“I am more willing to pay higher prices for the design of a product, if it’s special enough, that I won’t find anywhere else,” Xu said. “I also care if the item fits my personality, which reflects my aesthetics.”
With so many options on the market, Xu said she would stick to “any brand that matches my style”, not just one in particular or the famous international brands.
That perspective reflects how Xu and her fellow Gen Zers – those born between 1997 and 2012, according to think tank Pew Research Centre – are expected to sway how goods are marketed in China, as they soon become a major force driving consumption in the world’s second-largest economy.
Gen Zers already represent the fastest-growing population group in the Asia-Pacific, and are projected to account for 21 per cent of the mainland’s total population by 2025, according to a report by KPMG China.
