There was a time in the past when the older generation couldn’t help but shake their heads when it came to young people’s views on consumption. Comparison, showing off, advanced consumption, moonlight clan... a series of negative words were all used to describe young people. consumption.
According to media reports, the "Contemporary Youth Consumption Report" released by an organization shows that there are 175 million post-90s generation in the country, 86.6% of them have been exposed to credit products , and only 13.4% of young people have no debt. The report further mentioned that in addition to paying off mortgages, more than 60% of the post-90s generation used consumer loans to improve their quality of life and leisure, mainly involving "non-rigid" consumption such as the appearance economy, entertainment industry, and health craze.
This data has become a good evidence that young people love to consume ahead of schedule, which has further deepened many people’s negative impression of young people’s consumption outlook.
However, as time comes, people’s views on young people’s consumption are quietly changing. Recently, hot search topics such as "Young people don't want to buy cars" and "Why don't young people want to change their mobile phones" have been popping up, which makes people lament that this generation of young people is indeed different.
Take cars as an example. For those who don’t want to buy a car, many netizens born in the 1990s and 2000s explained, “Buying a car is not cost-effective, especially for young people living in big cities. Driving is inherently complicated. Sexual system engineering, parking spaces, gas prices, traffic conditions after travel...all have to be considered." It can be seen that young people have begun to look at consumption plans with a rational and prudent perspective, and try to avoid impulsive consumption.
The change in young people’s consumption outlook is also reflected in their attitude towards prices. In the past, many people believed that the more expensive something was, the better it would be and the more respectable it would be for the person who bought it. But recently, the 21st Century Economic Research Institute released the "Generation Z Youth Online Consumption Insights Report" stating that in the shopping process of Generation Z, the most important factor affecting decision-making is cost-effectiveness. 70.29% of young people believe that cost-effectiveness must be king in consumption.
Specifically speaking, in terms of consumption scenarios, special e-commerce companies , Vipshop, and have turned the post-90s and post-00s fans into fans thanks to their affordable prices. Vipshop’s recent financial report data shows that the post-2000 generation is becoming an important part of new customer acquisition.
During the mid-year sale that just passed, Vipshop offered a lot of benefits on top of its usual discounts, which attracted many Generation Z to flock in. Take the sales of small home appliances, which were praised by the People’s Daily as “the highlight of 618 consumption”. The orders on the platform are mainly contributed by consumers born after 1995 and 2000. Data shows that orders for the currently popular fruit and vegetable cleaning machine from those born after 1995 surged 10 times year-on-year, exceeding the 8-fold year-on-year growth rate for all age groups. Clothes dryers Sales of those born after 1995 also surged five times year-on-year...
From reviewing their own consumption plans to avoid impulse purchases, to flocking to Vipshop to buy cost-effective products. The consumption outlook of Generation Z has reached a mature stage and has begun to return to the essence of consumption, so it is no longer appropriate to view them from the old perspective.
