Chinese millennials are spending lots to do very little
Consumption remains an engine and driving force for China’s economic growth. The young generation represents a key segment of the consumer. According to the BCG, consumption by young Chinese spenders under the age of 35 accounts for 65% of consumption growth. Youngsters spend big on laziness and they are willing to pay for services that save their own leisure time.
The so-called ‘lazy economy’ refers to a new type of consumer demand, which by nature is time-saving, labour-saving, and convenient. Meituan Delivery service, Didi Chuxing, and other e-commerce platforms have become the biggest business wave to hit China. Fresh food delivery services, such as Dingdong Fresh and Hema Fresh, have sprung up. Just with a few swipes on a mobile device, young people can buy fresh food without taking a trip down to the wet market.
According to Alibaba’s newest ‘lazy’ consumption report, last year Chinese consumers spent RMB 16 billion (USD$2.31 billion) on products that cater to the ‘lazy’. Young consumers born after 1995 made up for the biggest portion of that growth. This generation grows up in an era of technological advances and rapid improvement in life quality. They expect instant satisfaction and look for convenience, quality, and variety. As life moves online, the young generation will gradually dominate the consumer market.
Chinese consumer order food delivery service on mobile phone
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