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Chinese Millennials in China | Daxue Consulting

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Chinese millennials don't have the same behavior as the typical western millennial you’ve currently read about in articles. China has its own rules in term of culture, politics and the economy.

Chinese millennials are better educated & Internet-savvy, they spend more on high quality goods & services, and are having a profound impact on global consumption.

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Chinese Millennials in China | Daxue Consulting

  1. 1. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM © 2015 DAXUE CONSULTING ALL RIGHTS RESERVED UNDERSTANDING CHINESE MILLENNIALS OCTOBER, 2015 Daxue香港 上海 北京 Consulting
  2. 2. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM TABLE OF CONTENTS 1.0 SPOTLIGHT • Three insights on why chinese millennials are changing the consumer sector 2.0 UNDERSTANDING CHINESE MILLENNIALS • Understanding China’s millennial youth • Chinese millennials: the new big spenders
  3. 3. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM In China, more than in most other places, there’s a massive gap between millennials and their parents.
  4. 4. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM THREE INSIGHTS ON WHY CHINESE MILLENNIALS ARE CHANGING THE CONSUMER SECTOR
  5. 5. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM SPOTLIGHT Why are Chinese millennials changing the consumer sector? 56.7%have a bachelor degree 23%have a master’s degree 20.3%have an associate degree They are better educated & Internet-savvy
  6. 6. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM SPOTLIGHT Why are Chinese millennials changing the consumer sector? They spend more on high quality goods & services 35%Chinese millennials should contribute 35% to the county’s total consumption by 2020
  7. 7. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM SPOTLIGHT Why are Chinese millennials changing the consumer sector? They are having a profound impact on global consumption Online advertising has a key role to play in enabling brands to reach & engage with Chinese millennials
  8. 8. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM UNDERSTANDING CHINESE MILLENNIALS
  9. 9. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM Understanding China’s millennial youth Chinese millennials do not have the same behavior as the typical western millennial you’ve currently read about in articles. China has its own rules in term of culture, politics and the economy. Chinesemillennialsarewelleducated;56.7%have a bachelor degree, 23% with masters and 20.3% an associate degree. However, unlike the West, 40% of Chinese millennials work in government and state organization. Almost half (42%) of them have monthly revenue between 3000 and 5999 RMB (471 to 941 USD), and 20% between 6000 and 9999 RMB (471 to 1570 USD). Chinese millennials are changing the consumer sector. “
  10. 10. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM CHINA’S MILLENNIALS GREW UP DURING THE YEARS OF DOUBLE-DIGIT GROWTH
  11. 11. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM Chinese millennials: the new big spenders Unlike older generations, Chinese millennials do not save as much. In comparison to the younger generations of the USA and France who spend 6.6% and 12.2% respectively on food, Chinese millennials eclipse this at a vast 25.9% of their revenue in food. In spite of this, Chinese millennials spend the majority of their money on clothes, shoes and beauty care. In the past few years many of the fashion industries largest companies have located to China, influencing a strong influence in fashion amongst the younger generation. Chinesemillennials’digitalhabitsareverydifferent than from the West. The Internet came available much later, as did video games, social networks etc. The main discussions on social networks are entertainment and tech related topics. What’s also striking is that the gap between China’s elder peopleandmillennialsismuchwiderthaninother countries. For example, in China 55+ years old represents 2% of social network users, whilst the US accounts for 9%.
  12. 12. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM More than half (55.2%) of WeChat users open this app more than 10 times a day, resulting in greater connection between Chinese millennials’ than westerners. By comparing the time spent on eachmediaoutletperdaywecanseetheyspend more time on the Internet than on magazines, newspapers, radio and TV combined. A huge amount of this time is spent on mobile phones every day during the school and work commute. On average, Chinese millennials’ spend 55 minutes (one way) to go to the office in China (longest global time period). Chinese millennials are already having a profound impact on global consumption. “
  13. 13. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM Chinese millennials are technologic power users, who are very interested in fashion, have more money than the former generations and do not save as much. They do not have the same approach to advertising as westerners. When WeChat launched their advertising program on their platform, Chinese customers compared the targeted ads with each other to see which one hadthe“best”.Somewereevenrepostingthead on their newsfeed to show their friends that had been specifically targeted by luxurious brands, illustrating their wealthy status. Advertising has a key role to play in enabling brands to reach & engage with Chinese millennials. “
  14. 14. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM About us Daxue Consulting is a market research company dedicated to providing the best specially tailored, high-quality, customer-specific data in one of the most challenging markets in the world; China. We leverage our unique network of university organizations and professors, business associates, industry experts and foreign and local consultants to find the information you needefficiently,reliablyandinamanner that addresses your specific needs. We excel because we’re reliable, resourceful and flexible, everything that the Chinese market demands. BEIJING, CHINA Room726,Building1,40DongZhongRoad, Dongcheng District SHANGHAI, CHINA Room1701,Building1,525FangxieRoad, Huangpu District HONG KONG, HONG KONG ISLAND 13 Queen’s Road Central, Floor 23, Central District PARIS, FRANCE Daxue Consulting, 45 Rue de Courcelles, 75008 Paris
  15. 15. +86 (21) 5386 0380www.daxueconsulting.com FOR MORE INFORMATION ON THE INDUSTRY FEATURED IN THIS REPORT, PLEASE CONTACT DX@DAXUECONSULTING.COM If you like what you see, follow us! Yes, these are clickable buttons!
  16. 16. © 2015 DAXUE CONSULTING ALL RIGHTS RESERVED Daxue香港 上海 北京 Consulting CONTACT US HONG KONG | BEIJING | SHANGHAI www.daxueconsulting.com dx@daxueconsulting.com +86 (21) 5386 0380 +86 134 6658 3902 This report is the property of DaxueConsulting. No copyrighted materials may be reproduced, redistributed, or transferred without prior consent from Daxue Consulting. For more information on the industry featured in this report, please contact us.

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