While China's development may have slowed compared to decades past, nobody has told its emerging power consumers.
SHANGHAI - In late 2017, RTG INTUITION (the consumer research & trend forecasting arm of RTG Consulting Group) and Jing Daily, a China and luxury focused media publication, held an invitation only workshop at New York's Asia Society. During the half-day workshop, attendees learned insights from research on emerging trends in the relationship of Chinese (Gen-Y and Gen-Z) consumers vis-a-vis four key societal touchpoints - Arts & Culture, Travel & Leisure, the Environment, and Selfhood.
Major insights from the research have now been compiled into a comprehensive white paper titled, "The Future Chinese Consumer".
Select highlights from the white paper
Arts & Culture: A confident, modern & worldly China
Even as China taps into international trends like hip-hop, embracing fashions like streetwear and watching their K-pop stars transform into rap battle coaches, they embrace a modernity 'Made in China' with uniquely Chinese characteristics - take, for example, Rap of China co-winner Gai's use of traditional Chinese poetry in his rap lyrics, Prada's restoration of the Rong Zhai mansion, or films like Monkey King: Hero Is Back.
Travel & Leisure: All caught up and looking for more
As we bear witness to the rise of China's free, independent travelers, we are also watching a generation of post-90's digital natives come of age. The result is a group of discerning pleasure-seekers on the hunt for cultural authenticity, deeply local experiences, and technologies that create novel, live experiences.
The Environment: Investing in their health & future
After decades of modernization at the price of the environment, the scandals around food and pollution have left a deep impression on China's rising generation of consumers. They may not be privy to traditional routes of activism, but they care: and they can vote with their dollars. Their quest for well-being leads them to purchase organic food and other products like milk formula, gym memberships, personal trainers and has even provided the foundation for a budding social conscience.
Selfhood: What does it mean to be...?
Regardless of official restrictions, the connectivity and relative freedom of self-expression facilitated by social media has given rise to a generation of Chinese questioning traditional definitions of selfhood: What does it mean to live a successful life? What does it mean to be the ideal man or woman? What is 'true love'?
Angelito Tan Jr., CEO of RTG Consulting Group, said, "While China's development may have slowed compared to decades past, nobody has told its emerging power consumers. If used properly, these insights into Gen-Y and Gen-Z behaviors, values, and aspirations can be very valuable for senior executives overseeing the domestic and outbound Chinese market."
To full report is available here.