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How Chinese Urban Millennials and Gen Z Live and Spend

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How Chinese Urban Millennials and Gen Z Live and Spend How China's Urban Millennials and Gen Z Live and Spend 2 OVERVIEW Understanding Urban Millennials and Generation Z: Opportunities They Offer Theme 1: Ubiquitous Digital Convenience Theme 2: Developing Shopping Preferences Theme 3: Modern Urban Life Conclusion: Three Themes and Eight Corresponding Trends in Brief © Euromonitor International 3 Understanding urban millennials and Gen Z: 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. Disclaimer The proportion of the population living in urban areas reached around 60% in Much of the information in this briefing is 2019, and is projected to reach 65% by 2025. The demographic landscape and of a statistical nature and while every population trends have put a specific segment in the spotlight – urban attempt, has been made to ensure accuracy millennials and Generation Z, which together represent one of the most critical and reliability, Euromonitor International forces shaping the outlook for the Chinese consumer market, as their attitudes cannot be held responsible for omission or towards digital convenience, shopping preferences and lifestyles are driving the errors. growth of the relevant sectors and providing new market opportunities. Figures in tables and analyses are Urban millennials and Generation Z were born and / or live in a different calculated from unrounded data and may socioeconomic environment than their parents and to previous generations, not sum. Analyses found in the briefing may with significant opportunities to benefit from the economic growth of China. not totally reflect the companies’ opinions, Their distinctive features include a strong attachment to smartphones, a reader discretion is advised. 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, and a willingness to spend on self-entertainment activities. © Euromonitor International 4 Understanding urban millennials and Gen Z: Opportunities they offer In order to help local and global businesses understand The impacts of COVID-19 on each theme and the Chinese urban millennials and Generation Z, and seize the implications for business will also be discussed. market opportunities they offer, this report is divided into three themes and eight relevant trends, profiling this distinctive and important consumer segment: . Theme 1 – Ubiquitous Digital Convenience: Living on Smartphones, Keeping Up with Influencers, Comfort and Convenience in the Home. Theme 2 – Developing Shopping Preferences: Premiumisation: A Tale of Two Groups, Redefined “Made in China”. Theme 3 – Modern Urban Life: Pets as Family, Advanced Parenting, Self-Entertainment. © Euromonitor International Theme 1: Ubiquitous Digital Convenience Chinese urban millennials and Generation Z are experts in smartphone and internet use to achieve convenience in their daily lives, which can be referred to as “digital convenience”. Regular activities amongst this consumer segment, such as managing their daily routines and seeking shopping advice, are seeing digital devices play an increasingly central role. 6 Living on Smartphones © Euromonitor International LIVING ON SMARTPHONES 7 Surge in mobile payment leads to significant reliance on smartphones M-commerce refers to payment transactions conducted Digital Commerce by Device via a mobile device. Purchase transaction examples 100% include ring tones, apps, SMS payments, NFC and e- 80% Tablet commerce activity using a mobile phone. P2P money 60% transfer and payment transactions utilising a laptop or 40% PC desktop computer are excluded. 20% 0% Mobile . The rapid growth in m-commerce was supported by 2014 2015 2016 2017 2018 2019 the development of mobile communications. Efficient infrastructure construction enables rapid network M-Commerce in China upgrades offering higher speeds and better quality. 1,200 1,000 . The mobile payment pioneers, in particular Alipay and 800 WeChat, have contributed strongly to growth by 600 400 offering consumers unprecedented convenience. 200 0 2014 2015 2016 2017 2018 2019 © Euromonitor International 8 45% 1,118 +64% 2019 value share of Chinese Billion USD in 2019 of 2014-2019 CAGR of Chinese M-commerce in the global Chinese M-commerce M-commerce M-commerce value © Euromonitor International LIVING ON SMARTPHONES 9 Diversified mobile applications satisfy daily needs and drive smartphone usage . The rise in mobile data traffic is being driven by longer Mobile Data Traffic in China hours of use and more diverse applications. Mobile app 60 55 functions are covering more aspects of life, especially 50 44 so-called “super apps”, such as WeChat, Alipay and 40 Taobao, which are improving the user experience. 30 27 . Apps are becoming more diversified to enhance user Billion GB 20 16 appeal. Videos account for a quarter of mobile app 9 sessions. An increasing number of short video 10 platforms entertain consumers with user-generated 0 content and precisely targeted recommendations. H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 . Brands are keen to interact with consumers through Source: China Internet Network Information Center (CNNIC) smartphones. They take advantage of the super apps by developing official accounts and mini-apps. Also, they are active on short video and live-streaming platforms to increase exposure and achieve purchase conversion. © Euromonitor International LIVING ON SMARTPHONES 10 Diversified mobile applications satisfy daily needs and drive smartphone usage Mobile Applications Sessions Breakdown 15% Instant Messaging 24% Videos (excluding Short Videos) Short Videos 13% Music 4% Literature 4% Audio 12% Live-streaming 9% News 9% 11% Others Source: China Internet Network Information Center (CNNIC) © Euromonitor International LIVING ON SMARTPHONES 11 Modern Chinese routine: Using mobile apps throughout the day Check messages via Pay for breakfast in Order and get lunch Click and pick up WeChat work group one scan in around 30 min coffee at store Scan the QR code to Order dinner Turn on A/C before Start an online ride a subway ingredients to home arrival at home session to keep fit © Euromonitor International 12 Keeping Up with Influencers © Euromonitor International 13 50.7% 56.1% Beauty and Personal Care 55.9% Apparel and Personal Travel Accessories Consumers researching and comparing products on a smartphone when purchasing, by category 50.9% The smartphone is an important device 36.5% Small Consumer Electronics during Chinese consumers’ decision- Large Consumer Electronics making process when shopping, especially when purchasing apparel, personal accessories and travel. © Euromonitor International ©14 Euromonitor International 14 Consumers who go Consumers who rely on user shopping for leisure at reviews when purchasing least weekly skin care products 34% Among 18% Among 56% Among 38% Among Chinese worldwide Chinese worldwide consumers consumers consumers consumers © Euromonitor International KEEPING UP WITH INFLUENCERS 15 Seamless integration of content created by influencers in e-commerce marketplaces: Short video apps TikTok KuaiShou 320 million daily active users 200 million daily active users Content focuses on creativity, in the form Content is more straightforward and of light entertainment; e-commerce is down-to-earth, targeting low-tier linked through embedded product URLs. consumers. Source: Tik Tok Source: KuaiShou Short video apps increase sales through livestreaming and company, drama, review and celebrity videos, empowered by influencers. © Euromonitor International KEEPING UP WITH INFLUENCERS 16 Seamless integration of content created by influencers in e-commerce marketplaces: Shopping and consumer decision app Shopper communities Bridge social platform with e-commerce . Product recommendation . Users can purchase products within the app. Un-boxing videos . Product try-on, etc. Examples: RED, Yi Tiao, Zhidemai Shopping and consumer decision apps leverage the power of influencers including KOLs (key opinion leaders) and KOCs (key opinion consumers) to promote products. © Euromonitor International KEEPING UP WITH INFLUENCERS 17 Live-streaming enhances interaction between influencers and consumers Internet Retailing Landscape in China Taobao Live-streaming Taobao Live-streaming X Double 11 Festival . 9 million daily active users . CNY20 billion 32% . Involves half of the show-business . Sales value derived from Internet Retailing CAGR community in China, hundreds of Taobao live-streaming during (2014-2019) in China CEOs, and many county officials 2019 Double 11 . Goes beyond static images and text . 50%+ brands on Tmall 87% to offer real-time interactions . Participated in Taobao live- Mobile Internet Retailing between seller and buyer streaming during 2019 % of Internet Retailing in Double 11 China in 2019 © Euromonitor International 18 Comfort and Convenience in the Home © Euromonitor International 19 Food and grocery In-home life Place orders for meals, groceries and even Place orders for pedicures, housekeeping or medicines in the app and then just wait for facilities maintenance in the app, with delivery. Examples include meal and specialists then coming to the residence. medicine, fresh food and grocery delivery Examples include beauty service, housekeeping apps service, and “do it for me” apps Medical Errands Make appointments and consult with Place orders in the app, asking delivery staff doctors
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