Here are some key insights on Chinese Gen-Z
Generation Z are born between the mid-1990s and the early 2000s. They are optimistic, self-confident and natively tech-savvy. They are then willing to spend more and save less, compared to their predecessors. Not surprisingly, Gen-Zers are more likely to buy luxury brands than Millennials (Generation Y). Over 50 percent of Chinese Gen-Z spent over 50,000 yuan, last year, versus 32 percent among Millennials1.
The marketing take-aways are as follows:
- Integrity & honesty should be among any brands’ top value priorities aiming at Gen-Zers. Peer-to-peer reviews are therefore a critical mix element.
- KOLs must be carefully selected as being the most relevant to Gen-Zers.
- Being digital natives, Gen-Zers love sharing their feelings and experiences, well beyond their close peer circles.
- Gen-Zers increasingly aspire to personalized experiences and products. Bespoke sub-categories are emerging rapidly.
- Last but not least, Gen-Zers are becoming more sensitive to environmentally friendly and socially conscious brand messages.
Sources: Retail Dive, OCC Strategy, Bloomberg, McKinsey.