The 318 million Chinese aged 15-29 are the shoppers, travellers and hedonists who contributed most to China’s retail sales growth of 11.3% in 2015. Having only ever known a prosperous China, they are relatively free spenders, without the frugal predispositions of their older peers – they actually feel they have less in common with them than with Westerners their own age.
China’s Millennials are seven times more likely to have a university degree than those born in the 70s, which has helped make them the highest earning age group in China. Two-thirds are estimated to be in the ‘high income bracket’.
With higher educations and incomes, they have the curiosity and means to travel, and travel they do. The 14-year age bracket accounted for 50% of the Chinese travelling abroad last year.
With their average income set to double in the next decade, Chinese Millennials will not only travel more, but consume more of the world’s brands in almost every category.
Chinese youth, also known as the Millennials, are the country’s main hope to lead the consumption revolution. They already earn more, spend more and travel more than older generations. With a population the size of the USA, as they grow older and wealthier, they will only contribute more to China’s, and the world’s, consumption. It’s a good idea to understand them as they’re likely to be buying whatever you’re selling. We hope the infographic below helps: