Gen Z drives consumption. Do you know how to attract them?
Chinese young Millennials and Zed Gens are the first generations accustomed to the growing economy they were born in, in contrast with the older citizens, that grew up in a much different context, both economically and politically speaking.
This, together with their skills in spotting convenience and sale occasions and their taste for refined looks and accessories, make them the very target of clothes, tech tools, cosmetics and many more consuming brands. This is particularly true when considering the luxury market, whose purchases are made for the large majority (79%) by people under 40. It is clear, now, why brands are focusing on Gen Z and young Millennials, considering that by 2025 China will account for half of all globalluxury spending.
The young consumers’ habits must be considered as well, from the decision making – influenced by KOLs and by the check on online opinion exchanges – to the purchase modality, which in the case of Zed Gens is mainly e-commerce. More precisely, mobile is essential to do some research about the brand and its products, check on the other consumers’ opinions and reviews and do comparisons; the final purchase is done in the physical store because the experience is irreplaceable.
The consumer experience, blending the on and offline modalities, is therefore essential to attract youth to invest in the “new retail”. Also, another critical aspect is the constant update needed about the hottest app among youth: for example, did you know that the Dewu app 毒, a competitor of RED, is particularly popular among young males?
What about your brand: is it attractive to young consumers?