Chinese brands want to embrace "new forces"
Liu Yi
In the process of the rapid development of consumption in my country, the consumption power, consumption philosophy, and consumption patterns of the Generation Z groups born between 1995 and 2009 are exerting greater and greater influence and become the "new power" of consumption.
Generation Z are the aboriginals of the digital world.
The application of digital technology makes them more pursuing the personalization of consumption and attaching importance to the cultural, creative, and emotional added value of products or services. Therefore, customization, exclusive products, and personalized services are favored by Generation Z.
In the process of consumption, they will also incorporate elements such as their own aesthetic taste, interest and hobbies, and substitute emotions into the experience process.
It is worth noting that personalization does not mean that Gen Z consumers are isolated.
On the contrary, they tend to integrate personalization into a specific circle, integrating social, consumption, and interests.
Through the Internet, various styles such as hip-hop, street style, retro style, rock and roll style have emerged, forming circles of blind boxes, trendy shoes, Hanfu, JK uniforms, cute pets, etc.
In these circles, consumers express freely, share shopping experience and user experience, but they are also inevitably affected by key consumers.
Statistics show that 44% of Gen Z consumers will be affected by the circle in the purchasing decision process.
Behind the publicity of individuality is the pursuit of self-pleasure consumption by Generation Z, and is even willing to pay high premiums for hobbies and personalities.
Generation Z attaches great importance to appearance, more than 60% of consumers will be affected by the appearance of the product, and most consumers will pay for exquisite packaging.
They are willing to spend more money on their own beauty. The percentage of women buying cosmetics is as high as 92.4%.
The pursuit of comfort in life also makes Gen Z prefer all kinds of "lazy artifacts" such as dishwashers, shoe washers, sweeping robots, cooking robots, etc. The consumption ratio of pre-made dishes is also much higher than that of other age groups. By.
Generation Z is more pursuing interest consumption and experiential consumption.
At present, experience consumption patterns are increasing rapidly. The consumption of sports experience items such as trampoline, rafting, surfing, parachuting, paragliding, etc. has shown explosive growth. Cultural and entertainment experience items such as oil painting, flower art, Chinese culture, and opera training are becoming new consumption hotspots.
The Z generation's pursuit of convenience makes it more inclined to online shopping, social media shopping and travel shopping, and consumption is more scene-oriented.
Take clothing as an example. Nearly 40% of Gen Z consumers in China said they would browse in the store but shop online. Various social media have also become Gen Z shopping channels, and 70% of Gen Z consumers are willing to use social media. The purchase of products is much higher than 58% of "post-90s" and 60% of "post-80s".
Generation Z has also become a practitioner of green consumption and low-carbon consumption.
They are highly concerned about environmental protection topics such as climate change and sustainable development, and are willing to pay for more sustainable products and packaging.
In terms of automobile consumption, generation Z consumers who want to buy new energy vehicles or hybrid vehicles account for nearly half (49.3%), which is much higher than other age groups.
Generation Z is still the most daring to consume.
Gen Z grew up in the era of China's economic rise, which made them full of confidence in the future, and they dared to use various credit products for advanced consumption.
The survey showed that 56% of respondents aged 22 to 25 said they would use installment payment services, 36% of Gen Z consumers spent more than their budget, 86.6% of Gen Z consumers used credit products, and more than 40 % Of Gen Z consumers believe that using credit products is a smarter way to consume.
Therefore, companies should tailor products and services that are more attractive and competitive according to the consumption concepts, consumption patterns, preferences and interests of this group.
Especially with the help of Generation Z consumers, create a national brand of domestic products, and integrate the trendy consumption led by Generation Z into the new development pattern of domestic and international double cycles that promote the international development of Chinese brands. market.
On the other hand, it should also be noticed that there are some irrational and unhealthy tendencies in the consumption of Generation Z, such as blindly leading high consumption, unrealistic impulsive consumption, borrowing consumption that exceeds the ability to repay, and speculative consumption, such as shoe speculation. In response to these situations, it is necessary to exert efforts in public opinion, policies and other aspects, and provide rational guidance, so that the consumption of Generation Z can grow healthily and become an important growth driver under the new development pattern.
(The author is the director and researcher of the Service Economics and Internet Development Research Office of the Institute of Financial Strategy, Chinese Academy of Social Sciences)
Liu Yi