These four groups of Chinese shoppers will drive online consumption in 2020
- CBNData’s report found that 47 per cent of Chinese millennial parents bought insurance for their children in 2019, up from 42 per cent the year before
With a population of 1.4 billion and its status as the world’s No 2 economy, China remains one of the biggest consumer markets in the world. Thanks to widespread mobile and online payments as well as a high smartphone penetration rate, e-commerce is also a popular way of shopping in China.
However, amid slowing growth in China’s megacities, coupled with more affluent shoppers in smaller Chinese cities as well as the advent of Generation Z, some new groups have emerged in the changing consumer landscape. Here are several demographics to look for in 2020, according to CBNData’s annual report.
1. Residents of small cities
In China’s smaller cities – specifically fourth-tier cities and below – the cinema business is booming. According to data from Alibaba Pictures, more consumers in these cities are going to the movies and they enjoy watching comedy films.
Alibaba is the parent company of the South China Morning Post.
When it comes to other forms of entertainment, residents in smaller cities also enjoy watching short videos and live-streams, and tend to share more videos in chat groups than other demographics, according to the report.
