Huang is 24, putting him in the same demographic as most of his 300,000 fans from across China – Generation Z, which is helping to drive Chinese consumer spending. This generation, born from 1995-2010, reportedly buys 15 per cent of all luxury goods sold in China, compared with a worldwide average of 10 per cent. The number of Chinese millennials (born between 1980-95) and those from Generation Z has reached 386 million, accounting for 27 per cent of the population. According to China’s “Gen Z White Paper” by Kantar and Tencent, 46 per cent of China’s Generation Z think the goal of consumption is to seek identity recognition, with social, personal style and immediate pleasure seen as their leading motivators. Although their average monthly disposable income is only around 3,500 yuan, China’s Generation Z spends a lot of their families’ money.

Source: The Star April 25, 2021 05:03 UTC