"As China prepares to celebrate new year on January 22, luxury brands are
gearing up for the year of the rabbit with an array of luxury rabbit-themed
goods: a £29,000 gold and diamond-encrusted rabbit watch by Dior, perhaps, or
an £850 floppy-eared hat from Burberry. Japanese streetwear brand Ambush has
reportedly sold out of its £380 pink bunny balaclavas.
The target market? China’s 400 million-strong army of young consumers, who have
the power to make or break foreign brands seeking their fortune in China.
Like their western peers, China’s “gen Z” consumers are avid users of social
media, but that is where the similarities end. This generation has grown up
during China’s rapid economic development in the 2000s and 2010s, which is a
marked contrast to their peers in the west, who came of age in the shadow of
the 2008 financial crisis. As a result, they have been characterised as being
more confident and better educated than previous generations.
Another notable characteristic of this generation has been its size, being one
of the largest generations since the baby boomers in Europe and North America.
The parallels between the two have been readily apparent with both enjoying
significant cultural, economic and political influence, with China’s gen Z
being labelled as the next “baby boomers”.
As a result, China’s young adults are well placed to influence future
decisions, which will be based on their world view. Questions about how they
will use their influence have already been asked – and the answer can be seen
in their habits as consumers."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics