SPECIAL NOTE: I am truly impressed and inspired by this special report about China coming from London…that today’s youth are rejecting the materialism of their parents. My 7 years as a visiting professor in China 2008-2014 allow me to see how the majority of today’s Chinese are working themselves to death and for what? Things Things Things and more Things Things Things! You cannot help seeing this everywhere I went in China…from the villages to towns to cities…it seems the whole fucking nation is obsessed with material things…so much so that many young men cannot find the women to marry because her parents want to see you have more OF EVERYTHING…things things things…translated that means, an apartment, a car, a bank account and more things…yes, I feel so sorry for many of my students and new graduates, because they do not have THINGS THINGS THINGS AND therefore the girls’ parents are not about to let you marry her priced daughters! I can see why the new young people are rejecting their elders’ desire and desire to want more things and more money money money! You cannot miss that if you live in China today. So I hope this report coming from London is spotting a new trend in today’s youth in China. And I would like to believe this is the beginning of something new…rejection of the values of their parents and adults! They want a freer lifestyle, they want to travel, they want to taste things, they want experiences, more than possessions! I have no problem that the bonsai kids are now doing this in China…today’s youth is the tomorrow of China. I hope the trend will gain some momentum! Ly all, Steve USA January 19, 2018
Consumer studies find Chinese want less and share more
By Angus Mcneice in London | China Daily | Updated: 2018-01-19
The modern Chinese consumer is healthier, less materialistic and more partial to local brands than ever before, according to research from market analysts in the United Kingdom.
Alison Angus, head of lifestyles at London-based market research company Euromonitor, said young Chinese people are committed to expanding the sharing economy and are more eager to spend money on experiences, rather than possessions.
Angus, who wrote the recent report Top 10 Global Consumer Trends for 2018, said many of the new behaviors among young consumers in China follow global trends, as the internet and social media increasingly bridges borders.
“Ownership is under question, and flexible, minimalist living is gaining popularity, with consumers sharing everything, from clothing, household items and pets, through to cars and living spaces,” Angus said.
The sharing economy has firmly taken root in the transport sector in China, where dockless bike-sharing schemes and car-hailing services are abundant, and the phenomenon is spreading to all aspects of daily life.
Haier, a large Chinese home-appliance brand, has started short-term rentals of washing machines and other appliances, and errand rental services have also “taken off”, according to Angus.
Through UU Runner, users pay “running men” to perform a variety of odd jobs, from queuing at registry offices to walking dogs and buying groceries.
A recent report from UK consultancy McKinsey found that Chinese consumers are also increasingly favoring local brands ahead of foreign ones, especialgadgets, versus 63 percent in 2017. In personal care, Chinese brands made up 76 percent last year, compared with 61 percent in 2012, according to McKinsey.
Consumer preference for foreign brands remains strong in such categories as cosmetics, wine and fashion accessories.
Euromonitor found young Chinese consumers are spending less on possessions, and more on experiences such as short holidays and trips to the cinema, with ticket sales rising 13.5 percent last year.
Angus said this is, in part, driven by the rise of a Chinese counter-culture dubbed wenqing. The term derives from wenyiqingnian, which directly translates as “cultured youth” but perhaps is better expressed by the word “hipster”.
“They are rejecting materialism, which sort of goes against the grain in China,” Angus said. “They are looking for a life that is all about culture. They spend their leisure time reading poetry, going to art galleries, looking after pets and drinking less.”
Both McKinsey and Euromonitor say that the recent health craze in China is here to stay. The instant noodle and soft drink markets have both contracted since the government laid out a national fitness plan in 2016, and rates of exercise continue to increase.
“Today, the number of Chinese running and doing exercise is higher than in the US, and sports-performance products have really increased,” said Daniel Zipser, senior partner at McKinsey in Shanghai.