60% of Young Consumers In China Increased Their Spending

After the outbreak of COVID-19, young well-educated consumers in China increase their spendings as they believe that spending or shopping for what you want can create a sense of certainty. Out of 3327 respondents, 60% of them plan to increase their spending in May, June, and July by 10%.

According to the survey co-conducted by the university, 70% of the young Chinese consumers choose branded products or luxury goods instead of health, family, and friends. It is expected that co-branded items with artistic elements are more favorable by the consumers.

Photo source: The Star

As everyone is worried about the effect of the economy due to COVID-19, 80% of the Chinese hold positive views on it by seeking financial autonomy. China has been providing various shopping coupons to the consumers which are associated with commercial enterprises. According to the survey, food delivery and online shopping are the most preferable choice to redeem the coupons.

In order to stimulate the economy and fulfilling the consumption of consumers, a social commerce site, Xiaohongshu is collaborating with more than 100 of the physical stores in China to promote a series of online-to-offline marketing campaigns. Through this method, it can drive economic growth and also fulfilling consumers' demands.

News source: The Star

Cover Photo: Which? || The Star

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