Young people in China are becoming the main consumer group of many popular products, including “mystery” toy boxes, sneakers, designer toys, garage kits, e-sports products, as well as high-end cosmetics and beauty products, injecting fresh impetus into the country’s consumption upgrading trend.
“I try my best to save money, and then buy the stuff I want instead of putting the money into a bank account,” said a post-2000s college student nicknamed A Nian, who decided to finally place the order for a new Apple product over a month later after she was attracted by the product.
According to A Nian, she could afford the product with the money she had saved.
Many of her friends have basically the same attitude towards consumption as her, A Nian said, adding that "They are willing to spend money on things they like, whether for better looks or following fashion trends, or simply because they want to have the same products people around them have."
Although young people born after 1995 or 2000 may not have much disposable income, as they are either still students or newcomers to workplace, they dare to spend money, which is regarded as a distinct feature of the age group.
Partly because of the rise of China’s Generation Z (people born between 1995 and 2010), the country's luxury sales were estimated to grow by a stunning 48 percent in 2020, when the global luxury market declined at an expected rate of 23 percent, according to a report from Bain & Company.
The report added that the purchase of luxury collaborations and limited editions by people born after the 1995s grew 300 percent to 400 percent between January and October 2020.
Read More at http://en.people.cn/n3/2021/0127/c90000-9813347.html
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