Me as Chinese Millennial
September 26th, 2017 | Bentley
With a huge consumer market, decades of economic growth, and rising incomes, China is often viewed as a land of endless opportunities. As a Chinese Millennial, I think I have witnessed the change in a generation’s spending habits as their standard of living increases.
I was shocked when I came back to China three years after studying in the US. At that time I didn't have Alipay, nor Taobao. I didn't know what Yihaodian was or that Didi already had a presence in China. That was the first time I felt like I had lived in the Stone Age for the past five years in the US.
After one year back in China and the culture shock that came along with it, I figured it out, our generation actually represents the consumption patterns of the middle class' lifestyle. We are spending money on things and experiences that not long ago would have been considered luxuries. This fact also means spending more on goods that are perceived to be of higher quality. While three categories of products and services (food, restaurants, clothing, and electronics) top the consumption list at present, spending is growing fast on leisure activities such as travel and health-related products. We increasingly set ourselves apart and assert our social status through the things we buy.
Chinese millennials want to be different ,cost-effectiveness is no longer an issuet,they would like to pay more for quality goods and services .
Wechat is the most popular chatting app that most Chinese people use daily. From the wechat friends’ circle it’s easy to see our generation’s psychological characteristics. We would like to share more lifestyle attitude compared to other age groups. I can sum it up in three specific areas: the first aspect is being optimistic consumption: Chinese Millennial love adventures and things that make us happy. It is becoming more of a goal to enjoy life than simply what we can achieve in traditional sense. It is commonplace to post a gym check-in or daily delicious meal both homemade and restaurant recommendations, knowledge sharing, leisure time activities, lifestyle and experience oriented. The second aspect would be paying more attention to personal value and emotional awareness while focusing on individual emancipation. The third aspect would be high fashion and acquiring specific brands. As a standard of living increases the perception of low-priced brands may be considered “ lower class.’’ Cost-effectiveness is no longer an issue even as this means paying more for goods and service.
According to the data, there are 415 million Chinese millennials who represent 31% of China's total population. As part of this generation our curiosity of new technologies has grown as the internet grew into a driving force for technological advancement. and millennial shops and consumption behaviors are changing as the same time that new technologies appear. From 1998 when nobody believed in shopping online up to today when almost every Chinese millennial purchases online. Nineteen years of experience has led to higher expectations than simply online shopping. My generation is tired of endless product lists, with ads and banners, heavy discounted low-cost quality products, fake product review, and boring and non-interactive content!
As a Chinese millennial myself I want to be different, I want to have better experiences, I want to realize self－fulfillment. I believe that if I want something I never had I need to do something I’ve never done before! This is why I joined COOLHOBO, as a cofounder, I am very proud to announce that COOLHOBO is creating a new shopping paradigm, using AR technologies in store and VR technologies when shoppers are at home. We deliver what young, well educated, consumers are demanding. A unique lifestyle experience unlike anything they have experience before. An experience like no other that is powered by Artificial Intelligence and uses 3D environments, models and avatars. This immersive and interactive world allows for personalization to each unique consumer.
Coolhobo is an ARVR shopping App creates a new shopping loop for Chinese millennials.
We are entering a new era that is powered by innovation, new technologies, and amazing experiences. This results in better services that supply what the Chinese millennial is demanding. It has the ability to evolve with the desire and needs of the target audience. COOLHOBO is on its way to offering this new adventure, are you in?