CONSUMERS

5 Must Know Facts About China’s Millennials

by

Liz Flora

|

This is the featured image caption
Credit: This is the featured image credit
Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs? Everyone knows that…

Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.

PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.

In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”

The Fondation Cartier pour l’Art Contemparain building in Paris

Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs?

Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs?

Research firm JWT Intelligence has recently tackled that question in a new report out entitled “Meet the BRIC Millennials“, a comprehensive survey of millennials in Brazil, Russia, India, and China.

Look below to see five key characteristics of this generation in China in particular, which will help shed light on the future consumption habits of this vitally important demographic.

They’re bullish about their personal finances

According to the survey, a full 83 percent of respondents stated that they think their finances will improve within the next six months, while 93 percent agreed with the statement “it is important that I am financially independent,” the highest rate among all BRIC millennials.

However, the uncertain global economic environment prompted 76 percent to agree with the statement “my generation is being dealt an unfair blow because of global economic uncertainty,” and 68 percent said that their generation is struggling to find jobs.

“ Despite job uncertainty, Chinese millennials are incredibly business-minded ”

They’re entrepreneurial

Despite job uncertainty, Chinese millennials are incredibly business-minded: when asked what they would do if they had trouble finding a job, 74 percent of them said they would start their own business. Technology will likely play a huge role in their new ventures: a full 93 percent agreed with the statement “technology has put so many professional and entrepreneurial opportunities in front of me.”

They’re more inclined to spend than their parents

China is known for its high personal savings rate among its citizens, but it looks like the government’s efforts to encourage domestic consumption may be working for the younger generation. Sixty-five percent of respondents said that saving money is more important to their parents’ generation.

However, these consumers aren’t spending recklessly: 80 percent stated that spending wisely is more important than earning a lot of money, and only 25 percent said they’re buying more than they did two years ago.

“ 80% stated that spending wisely is more important than earning a lot of money ”

Social media is an integral part of their lives

More than half of Chinese respondents clearly see social media as a key part of their identity, agreeing with things like “because of social networks, I have become more self-aware of the image I put out both online and offline” and “it’s important my social media profile conveys a certain image of me.” Amazingly, 51 percent say that when things they post online aren’t shared or commented upon, they actually feel bad about themselves as a result.

Social responsibility is important

According to 63 percent of Chinese respondents, “a lot of people my age are seeking jobs that give back to society.” Eighty-three percent believe that “my generation tends to care more about improving the world than other generations,” and 90 percent say that their generation is thinking less about “me” and more about what “we” can do together to address global issues.

“ Chinese millennials are looking for education and work opportunities worldwide ”

They’re global citizens

Chinese millennials are looking for education and work opportunities worldwide. Seventy-eight percent agreed that going to college abroad helps career prospects, while 55 percent said they would consider moving to another place for work.

Fifty-nine percent agreed that there is more opportunity for social mobility abroad than in China, but interestingly, this number was significantly lower than that of all the other BRICs millenials.

Meanwhile, global millennial cultural convergence is apparent in the fact that 74 percent of them believe they have more in common with young people in other countries than with old people in their own country.

To further investigate the Chinese luxury market on Luxury Society, we invite your to explore the related materials as follows:

The Chinese Luxury Market Begins To Ripen
Luxury Growth Ushers In The New Normal
Chinese Crackdown on Luxury to Drive Demand

Liz Flora
Liz Flora

Editor, Jing Daily

Liz Flora is the Editor-in-Chief at Jing Daily. Jing Daily is the leading digital publication on luxury consumer trends in China.

CONSUMERS

5 Must Know Facts About China’s Millennials

by

Liz Flora

|

This is the featured image caption
Credit : This is the featured image credit
Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs? Everyone knows that…

Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.

PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.

In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”

The Fondation Cartier pour l’Art Contemparain building in Paris

Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs?

Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs?

Research firm JWT Intelligence has recently tackled that question in a new report out entitled “Meet the BRIC Millennials“, a comprehensive survey of millennials in Brazil, Russia, India, and China.

Look below to see five key characteristics of this generation in China in particular, which will help shed light on the future consumption habits of this vitally important demographic.

They’re bullish about their personal finances

According to the survey, a full 83 percent of respondents stated that they think their finances will improve within the next six months, while 93 percent agreed with the statement “it is important that I am financially independent,” the highest rate among all BRIC millennials.

However, the uncertain global economic environment prompted 76 percent to agree with the statement “my generation is being dealt an unfair blow because of global economic uncertainty,” and 68 percent said that their generation is struggling to find jobs.

“ Despite job uncertainty, Chinese millennials are incredibly business-minded ”

They’re entrepreneurial

Despite job uncertainty, Chinese millennials are incredibly business-minded: when asked what they would do if they had trouble finding a job, 74 percent of them said they would start their own business. Technology will likely play a huge role in their new ventures: a full 93 percent agreed with the statement “technology has put so many professional and entrepreneurial opportunities in front of me.”

They’re more inclined to spend than their parents

China is known for its high personal savings rate among its citizens, but it looks like the government’s efforts to encourage domestic consumption may be working for the younger generation. Sixty-five percent of respondents said that saving money is more important to their parents’ generation.

However, these consumers aren’t spending recklessly: 80 percent stated that spending wisely is more important than earning a lot of money, and only 25 percent said they’re buying more than they did two years ago.

“ 80% stated that spending wisely is more important than earning a lot of money ”

Social media is an integral part of their lives

More than half of Chinese respondents clearly see social media as a key part of their identity, agreeing with things like “because of social networks, I have become more self-aware of the image I put out both online and offline” and “it’s important my social media profile conveys a certain image of me.” Amazingly, 51 percent say that when things they post online aren’t shared or commented upon, they actually feel bad about themselves as a result.

Social responsibility is important

According to 63 percent of Chinese respondents, “a lot of people my age are seeking jobs that give back to society.” Eighty-three percent believe that “my generation tends to care more about improving the world than other generations,” and 90 percent say that their generation is thinking less about “me” and more about what “we” can do together to address global issues.

“ Chinese millennials are looking for education and work opportunities worldwide ”

They’re global citizens

Chinese millennials are looking for education and work opportunities worldwide. Seventy-eight percent agreed that going to college abroad helps career prospects, while 55 percent said they would consider moving to another place for work.

Fifty-nine percent agreed that there is more opportunity for social mobility abroad than in China, but interestingly, this number was significantly lower than that of all the other BRICs millenials.

Meanwhile, global millennial cultural convergence is apparent in the fact that 74 percent of them believe they have more in common with young people in other countries than with old people in their own country.

To further investigate the Chinese luxury market on Luxury Society, we invite your to explore the related materials as follows:

The Chinese Luxury Market Begins To Ripen
Luxury Growth Ushers In The New Normal
Chinese Crackdown on Luxury to Drive Demand

Liz Flora
Liz Flora

Editor, Jing Daily

Liz Flora is the Editor-in-Chief at Jing Daily. Jing Daily is the leading digital publication on luxury consumer trends in China.

Related articles

CONSUMERS

5 Must Know Facts About China’s Millennials

CONSUMERS

Report: Decoding Luxury Marketing Milestones in China: Lunar New Year

CONSUMERS

In 2024, expect more of the same. Now is the time to optimise.