Generation Z—consumers born between the mid-1990s and the early 2010s—have become the main force of this year’s Singles’ Day shopping festival and exhibited huge enthusiasm for domestic products, industry analysts said.
Chinese e-commerce giant JD said fashionable and new categories of products favored by Gen Z surged(激增) 300 percent year-on-year in the first four hours of the final promotion, which started at 8 pm on Wednesday. The number of Gen Z who purchased clothes on JD’s online marketplace was 3 times that of last year.
The number of the post-1990 generation accounted for more than 50 percent of total consumers in health-related consumption, including fitness, nutrition supplements, image management and sleep improvement, with sales of protein powder rising nearly 10 times in the first four hours, according to JD.
The guochao trend—the rise of homegrown brands that put Chinese cultural elements into their design or branding—is gaining popularity among young consumers, experts said. “Overseas sales of domestic sportswear brand Erke rose by over 700 percent during the shopping gala,” said Tmall, the business-to-customer site operated by Alibaba. Homegrown small household appliances, furniture, hanfu or traditional Chinese clothes, gained popularity among overseas consumers.
“Young Chinese shoppers are gradually growing a sense of national pride, and Gen Z are no longer seeking costly foreign brand names purely for social status,” said Kenny Yao, a director at global consulting firm AlixPartners in Shanghai.
Market consultancy(咨询公司) iResearch said Gen Z consumers were born after the emergence of the Internet. They have grown up in a virtual and diverse environment, and formed a strong sense of individuality, stimulating the willingness to pay for the additional value of products, and stay on top of trends in society.
Zhao Ping, deputy head(副院长) of the Beijing-based Academy of CCPIT, said young Chinese are more globally minded and enthusiastic about homegrown products compared with previous generations. “Gen Z consumers also have higher recognition of Chinese traditional culture and are fully confident in China’s new development pattern,” said Zhao, adding they are set to become the most important part of China’s next powerful consumption group.
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