Young urban Chinese spending more on entertainment, lifestyle

Global Business

Over the past five years, China’s online sales of fast-moving consumer goods grew at an average of nearly 80 percent, far outstripping a 10 percent growth rate in the U.S. and an eight percent rise in the U.K., according to a report by a leading global strategy consulting firm.

Most of the purchases are done by Chinese urban millennials.

CGTN’s Han Peng spoke to some of them in Beijing to find out what they are buying and why.

Young urban Chinese spending more on entertainment, lifestyle

Young urban Chinese spending more on entertainment, lifestyle

Over the past five years, China’s online sales of fast-moving consumer goods grew at an average of nearly 80 percent, far outstripping a 10 percent growth rate in the U.S. and an eight percent rise in the U.K., according to a report by a leading global strategy consulting firm. Most of the purchases are done by Chinese urban millennials. CGTN’s Han Peng spoke to some of them in Beijing to find out what they are buying and why.

There is a saying in China, “Eating is of heavenly importance.”

Chinese people have a tradition of saving their money to prepare for a bad day, which is exactly what the country endured nearly 60 years ago during the great Chinese famine.

But for millennials like Li Luqiong and her boyfriend, their parents’ way of spending is an outdated one.

A 30 dollar dinner can just be an appetizer for their regular Friday night spending spree.

Official figures show an ordinary Beijing resident earns less than $1,000 a month about 33 dollars a day.

These two young university graduates earn just about the same amount.

But as their night out went on, they spent around $200 on food and clothing – a number, they said, is a normal amount. But their spending is by no means reckless.

They said the fun part is first looking to see what shopping malls offer and then make their purchase through the internet.

Figures show that online sales of fast moving consumer goods in China are growing seven times faster than in the United States. As more than 400 million Chinese youngsters are shopping both online and offline.

The total amount in China hit $25 billion in 2015, more than the U.S. and UK combined, according to a report by a OC&C Strategy Consultants, a leading global strategy consulting firm.

A data analysis team of China’s leading e-commerce retailer Alibaba said those who make up the millennial generation are major buyers.

The analysts said they keep track of where the money is going better than the millennials who are spending it.


Ebong Eka discusses global millennials

What similarities do millennials worldwide share? To learn more about the key ways millenials can impact the global economy, CGTN’s Rachelle Akuffo spoke with Ebong Eka, consultant at Levyti.