China’s Gen Z splashes out on luxury, with little regard for debt
- Young Chinese have a stronger sense of identity with traditional and cultural nationalism, which has driven demand for domestic brands and products
- Expenditures among China’s Generation Z accounts for 13 per cent of their household income, compared with 4 per cent in France and Germany
Chinese live-streamer Huang Hanwen uses domestic cosmetics brands and spends his time talking about animation, comics, games and short novels (ACGN), as well as domestic, Japanese and Korean celebrities and entertainment news. At weekends, he uses Make Up For Ever and drinks imported whisky mixed with Coke or Red Bull.
Huang is 24, putting him in the same demographic as most of his 300,000 fans from across China – Generation Z, which is helping to drive Chinese consumer spending.
This generation, born from 1995-2010, reportedly buys 15 per cent of all luxury goods sold in China, compared with a worldwide average of 10 per cent. Their expenditures also account for 13 per cent of their total household income, versus just 4 per cent in the US and Britain, according to a survey.
We love watching TV series and videos of Chinese ‘ancientry’ style and ACGN. But we rarely talk about politics and the authorities, which are risky to discuss in public
“My fans think I am handsome and look like Japanese and Korean stars,” Huang says. “Young people my age are very concerned about their appearance. I and many of my fans are willing to spend 40 per cent or more of our income on cosmetics, aesthetic medicine and clothing.