It is now known that today’s consumers are increasingly demanding and that retailers and shopping centers must meet expectations of various kinds in order to secure their trust. Achieving this goal, however, is a major challenge, as consumer behavior is increasingly diverse.
China has become the second largest economic power in the world and, as many wished, it is the most important consumer market in the world. In particular, the growth of the middle class, and especially of the millennial, is leading to great changes that do not stop only in the world of consumption but have significant behavioral and social implications.
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Who is the Chinese millennial?
In addition to knowing the market, you need to know future customers as well. It is not new to talk about millennial but in the Chinese market, the numbers are slightly different compared to those in Europe. There is more than 200 million Chinese millennial, of which 70% of them own a home. The figure highlights strong emancipation and large spending power of this generation that allows millennial to express themselves through fashion, music, and art, giving rise to countless subcultures with different habits, preferences, and objectives. All features that a brand must know in detail in order to reach and fascinate young Chinese people.
The 5 important factors that you should know
In order to reach this important segment of consumers, it’s important to know which are the characteristics of Chinese Millennial that drive their consumption behavior.
1- They appreciate AUTHENTICITY
The stories we tell are effective only if they really involve those who listen to us. A good storytelling strategy is based on authenticity and an effective narration does not have to be complex, it can focus on a detail, a point of view.
For what concerns the brands, what we must be careful of are the authentic contents, as well as exhaustive of all the information they need, timely and original. Making content marketing is essential today for a Brand. We must not talk to the Millennial, but with them. The difference is substantial. An ideal communication plan must consider Millennial as co-creators of value and of the final product. They want to participate in the design of new products of the brands they love most. It is, therefore, necessary to know how to involve them in every phase, from the creation of the product to that of its launch and promotion. Introduce them in the background, in the “behind the scenes” to let them live the story of the Brand in the first person. Only in this way will they recognize the authenticity of the product and will have a dialogue with the company. And authenticity and interaction with the Brand are essential requirements for Generation Y, they will affect their behavior and only thus will they show loyalty to the Brand.
2- Strong VALUES
Its values are the compass by which this generation chooses the work and the companies to make purchases. 56% consider it essential to choose companies that operate in a sustainable way. 49% refuse instead assignments that are contrary to their professional ethics. They are also very demanding: 79% say that a brand should be ready to constantly innovate products and services, to keep up with the times. They are not totally disillusioned with advertising: for 49%, targeted and intelligent communication becomes a strategic asset for brands. They have a profound enthusiasm for their very own way of life and customs, which drives them to dive further into their past and resuscitate different components, drawing motivation from things that are “Made in China”.
3- OPEN Mindset and Sense of COMMUNITY
Upgraded by new technologies, various communities have seemed internet, setting up new social guidelines among Chinese youth. New ages of Chinese are joining informal communities as indicated by their interests and their focal point of intrigue while tailing they most loved KOLs and wang hong (online superstars). This is an approach to influence China’s immense populace to appear to be littler, create fellowships, and ascend as a person inside a gathering. Every individual is characterizing herself by the various gatherings she pursues and offers with, however, those networks are likewise creating disconnected as the individuals will in general meet, all things considered, to share encounters and go to occasions
4- FLEXIBLE and RESILIENT to live more Peaceful
We are talking about young people who have grown up in a period of global recession, combined with an intense technological transformation together and consequently greater freedom of action. This tension has led the generation to focus on new life dynamics where opportunities are seen differently than in the past. Millennials to live peacefully have thus become more adaptable and resilient than their predecessors, starting from work: from the survey of the Youth Observatory, it emerges that only 10% of the interviewees consider a frequent change in the workplace problematic. A clear difference with the fifty and sixty-year-olds of today who, instead, are tied to the fixed place. The Observatory also confirms the realism, flexibility, and adaptability as dominant characteristics in the generation of young Chinese people
5- CREATIVE and ENTERTAINING
38% say they want a business of their own by demonstrating the overwhelming initiative of this generation. The creative vein is another parameter positively valued by young people, who also seek it in the brands with which they relate. It is intended both from an aesthetic and an emotional point of view. We are not talking about naive youngsters, but of a generation that knows well the companies and the sales techniques, an informed generation that is not easily impressed and wants to participate. 30% of the sample, not surprisingly, is skeptical of how sometimes brands try to break through communicating with them and 57% of the sample would like the brands to participate more actively in social causes. Participation would increase their loyalty to that specific brand.
How do these distinctions impact the fate of China?
As indicated by Goldman Sachs, the Millennial Generation’s normal yearly salary expanded from $5,900 in 2014 to $13,000 in 2024. Without a doubt, these youngsters will turn into the eventual fate of China’s utilization. Their utilization idea, eagerness to expand, and spending force will unequivocally affect the future buyer advertise and even the change and updating of the monetary structure.
Their reality experience, advanced life, and desire will result in a great deal of development and change. Parts will be disturbed. Businesses will be updated. Advancements will grow quickly. Limits will be pushed. The uncompromising character of these Chinese recent college grads propels them to win cash to help their very own way of life. Be that as it may, they will consolidate this with their aspiration to roll out an improvement.
Adapt. Collaborate. Create
Why are all this information interesting? Regardless of the fact that every marketing research on consumer behavior is essential for a company that wants to dialogue with the market of potential consumers. It must be said that the content of this information is valuable because it allows us to outline a perspective of those around us, to know the world in which we are immersed and understand that beyond the extreme need for social connections and the strong sharing of information, nowadays if you want to stay on the market, if you want to talk to those who stand before you and be successful as a brand are three imperatives to which you must undergo: be versatile, become collaborative, stimulate creativity.
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