China’s Gen Z may not earn much, but they spend like they do, and they’re taking a liking to wine
- Young adults are buying more wine, and Chinese vendors are adapting to meet the demand, but how long can it last as trends come and go quickly?
- Though many remain dependent on their parents, Gen Z consumers are among the most willing to spend money, and their consumption habits cannot be ignored
China’s young adults are seen to be wielding their “considerable” purchasing power to reshape China’s wine market, and it reflects how quickly consumption habits can change in the world’s second-largest economy.
Millennials and members of Generation Z appear to be driving the trend that is expected to see China surpass all of its Asia-Pacific peers by 2026, in terms of wine purchases, according to new findings from London-based consultancy GlobalData.
In its report earlier this month, GlobalData said that the per capita expenditure on wine in China is expected to increase from US$35.60 in 2021 to US$60.10 in 2026.
Meanwhile, the Asia-Pacific region as a whole – including China – is expected to see per capita spending on wine increase from US$21.80 in 2021 to US$33.10 in 2026.
“Wine is becoming a popular alcoholic drink among Chinese consumers, owing to its perceived health and beauty benefits, and the influence of Western lifestyle habits,” said Bobby Verghese, a consumer analyst at GlobalData.