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With reports of lower Chinese consumer confidence filling headlines, we simultaneously see phrases such as “consumption upgrade” and “consumption downgrade” used to describe Chinese consumer behavior today, creating more confusion than clarity. What’s clear is that Chinese Gen-Z consumption is changing, uncovering new purchasing drivers. The term “consumption upgrade” rings back to 2016, when China’s economic growth seemed unstoppable. At the time, the term guochao or “national wave” (国潮) was everywhere, demonstrating a shift in the country’s appeal, and everyone was betting on the Chinese high-tech giants. In this environment, consumers were excited about reaching new materialistic potentials that were inconceivable to the previous generations. Eight years later, it’s time to reevaluate our assumptions about Chinese consumers’ motivations. Why wellness and experience are the new drivers of Gen-Z consumption Young Chinese consumers are not just buying to
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