The fresh funding brings Zuoyebang’s total capital haul to US$2.9 billion. The startup claims to have over 170 million monthly active users. Zuoyebang, which claims to be the largest edtech company in China in terms of number of users, has raised over $1.6 billion in an E+ funding round, the [...]
Here are the 9 emerging consumer groups experts want you to take note of in 2021.
The first half of 2020 saw many countries and industries seriously affected by COVID-19. Now, China is one of the fastest recovering economies. The COVID-19 outbreak has significantly boosted technology development in China, and 2020 has turned out to be a very productive year for China’s tech giants. Lots of improvements in livestreaming and ecommerce features have been introduced with completely new functions on a variety of platforms. Not only did China’s digital space change significantly, consumers were also quickly adopting to this new digital lifestyle, giving rise to new consumer groups as well.
To help foreign brands to stay competitive in 2021, China expert Ashley Galina Dudarenok and her ChoZan team have prepared a 570+ pages insights report, covering the most important developments in China’s digital space from the impacts of COVID-19 and top 9 Chinese consumer groups to e-commerce platforms and shopping festivals, 9 social media platforms as well as 8 key trends to watch out for in early 2021.
ChoZan report creators have interviewed over 50 experts from TV commentators and China’s tech giants in-house team to China agency owners, universities professors and established book authors to make sure the report is exhaustive and represents the collective wisdom of the China watchers. The ChoZan team has gathered and analyzed extensive information to make portraits of the post-COVID-19 consumers in China.
This China Ecommerce + Marketing Q4 Outlook Report gives an extensive overview of 9 major consumer groups companies need to pay more attention in the coming Q4 of 2020 to Q1 of 2021 – Millennials, Gen Z, Silver-haired Generation, Middle-aged Men, Power Women, Super Moms and Dads, Pet Lovers, Lower-tier City Youth, and Happy Singles.
Key consumer groups
- Chinese millennials are digitally tech-savvy. Chinese millennials demand premium goods or services and are the major driving power of luxury products. They rely heavily on community recommendations, social media and mobile shopping are their major consumption channels. They will be a major consumer group for family consumption as well.
- Gen Z
- Many Gen Z are willing to spend on their interests and entertainment, such as sports, gaming, and ACG. They, and their purchase decisions are mostly influenced by their idols and KOLs. Gen Z gradually dominates the consumer market, and the fight for Gen Z has become an important battle for brand development today.
- Silver-haired Generation
- The older generations desire experiences, social connections and learning opportunities. They are generally comfortable with e-commerce platforms. More and more senior consumers are becoming a part of the online shopping force, especially during the COVID-19 pandemic.
- Middle-aged Men
- Compared to female consumers, male consumers have more consumption preferences. Men’s willingness to consume appearance-related products such as beauty, skincare, male accessories, menswear has increased.
- Power Women
- Women are seeking experience and adventure, beauty and self-care, health, fashion and knowledge. Chinese women with higher education and greater participation in the workforce have more financial autonomy and personal freedom.
- Super Mums and Dads
- They have become a major market force, preferring trendy products while being less price-sensitive. They generally have a positive consumption attitude and strong spending power.
- Pet Lovers
- Pet owners can overlap with millennials and happy singles. Young pet owners aspire to be caring parents to the pets. They are eager to spend money on quality products, including fashion accessories or beauty products, etc. trusted to provide the best lifestyle for the pets.
- Lower-tier City Youth
- This previously overlooked group has had significant growth in recent years with consumption and will rise to drive the major consumption in the future. They are spending significantly increased time online. The average income of the general population is increasing but they still tend to pursue low-price purchases and cost-effective products.
- Happy Singles
- They generally have more disposable income, and are more willing to spend on experience, enjoyment, and convenience. There is a cultural shift in terms of dating and career priorities, meaning marriage is delayed and single lifestyles are becoming the new normal.
This China Ecommerce + Marketing Q4 Outlook Report also goes into detail on 4 e-commerce platforms – Alibaba (Taobao, Tmall), JD, Pinduoduo and Kuaishou; 9 social media platforms – WeChat, Weibo, Douyin, RED, Bilibili, Zhihu, Kuaishou, Weitao and Toutiao; 3 most important online shopping festivals – Double 11, 618 and CNY. It also summarizes the 8 top trends brands shall act on now to succeed in China in 2021.
Download the ChoZan Mega Report 2020 [China E-commerce + Marketing Q4 Outlook] to be equipped with the latest knowledge right now.