5 facts about the spending and social habits of China’s post-00s generation

This article was written by Yiling Pan and originally published in Jing Daily

In 2018, the first of China’s 147 million citizens born after the year 2000 reached adulthood. A new report co-released by Tencent Social Ads and the Customer Research & User Experience Design Center (or CDC) found that the demographic has triple the savings of the post-90s generation, indicating a higher purchasing power and financial autonomy. Their ability to spend comes from their parents and family, and their tastes are more influenced by greater opportunities to travel abroad than any generation of youths before.

The report, which included a survey of 15,000 post-00s and in-depth interviews with 24 of them, also found that they grew up in a significantly wealthier and more digitally developed world than those born between 1995 and 1999. The social media apps the post-00s generation use also differ, as illustrated by the image below.

The post-00s generation is poised to dominate every industry and change the landscape of luxury retail and marketing. The report points out five distinct spending habits of the post-00s generation that offers insights for brands and retailers on how to reach them.

1. They admire people and brands that are dedicated and faithful 

Nearly two-thirds of the young respondents surveyed said they “make decisions on their own”. They identify their interests and hobbies early and know how to use online resources to deepen their knowledge of a specific field. Seventy-two per cent of them said showing an in-depth understanding of a certain field is a much better means of self-expression than consumption or career growth.

This departure from more naked materialism makes brands and individuals who demonstrate a commitment to deeper values more appealing to post-00s consumers. Sixty per cent of them like brands that show unique insights and 92 per cent believe their idols should be truthful to their interests.