China’s millennials, Gen Z turn to Louis Vuitton handbags, art toys and Japanese whisky as collector’s items
- The tastes of wealthy Millennials and Generation Z members differ considerably from older generations, with a focus on items that reflect their modern culture
- Chinese auction houses are changing their auction catalogues, adding art toys and whisky and dropping items like rare tea preferred by older generations
A generational shift is occurring among Chinese collectors with once popular items like tea replaced by handbags, toys and Japanese whisky as millennials and Generation Z refine their tastes and their investment habits.
“Decades-old Puer tea had long been popular as an alternative investment to shares and real estate among Chinese entrepreneurs and businesspeople at around my age or older. We hoarded them as an investment and used them as high-class gifts for rich customers and local officials,” said Jay Li, a businessman in his late 40s living in Guangdong, the capital of Guangdong province.
“But when I see a lot of young collectors in [trainers] and sweatshirts buying Japanese whisky and art toys, I think I’ll have to think about changing my position on Puer. After all, the young generation’s tastes are different from ours and that will certainly have an impact on the future of the collectibles market.”
For our generation, we prefer to collect limited edition items that meet our social needs and show our special personality
Each batch has its own backstory and mythology, boasting great cultural importance, as well as exceptional flavour, but to his surprise, Puer tea offerings have all but disappeared from auction catalogues, to be replaced by Japanese whisky, art toys and hip-hop paraphernalia.