Four Things You Need To Know About Chinese Millennials (If You’re Planning To Sell in China)
For the past years, China has been known to be one of the world’s largest consumer markets in the world. With over 400 million people, Chinese millennials are the country’s largest consumers and 54% of them use the internet to look, buy and check out items.
So if you are a business trying to bring your brand to China then here are four things you need to know:
You’ll Get Tired of Counting Them
The Chinese millennial population really is big, and we say big — IT REALLY IS BIG. With over 400 million of them, it is undeniable that this group of consumers really can drive various trends in the Chinese market. Groups this size can literally have an impact on the country’s economy, so knowing them and their preferences could be an essential part of your entrepreneurial success.
A Tech-Savvy Generation
Mobile phone usage is very rampant nowadays, this is true not just for the millennials of China, but for everyone around the world. In China, 90% of the millennial population owns and uses a smartphone. And they use it for almost everything they do, from paying bills to shopping, and more. This could be a good sign for e-commerce-based businesses to start for it won’t give them a hard time looking for people who could be their brand’s potential customers.
We’re not talking about them being broke, but them doing their transactions through their mobile phones. Chinese millennials are leading the transition from a traditional mode of payment to doing it the cashless way. This would give entrepreneurs an idea to make various payment methods for their customers to choose from.
A Huge Fan of Luxury and Electronics
Chinese Millennials have been huge fans of luxury items and consumer electronics. It has been expected that Chinese consumers would account for 40% of sales of global luxury goods, and it was also reported that Apple had $9.5 billion US dollars in sales just from China alone. This information could be of great help to businesses that are having a hard time coming up with products to sell and bring to the Chinese market.