The return of the digital economy to consumer power has become the main driver of the economy. The younger generation of China, represented by the 90s and descendants, is on the rise and will affect the Internet economy in many ways. Let’s take a look at the characteristics of their spending habits.
Characteristics of consumers after 90s
When choosing a job, people after 90 believe that achieving self-worth and benefits is a more important factor than making money.
After 90, as the main consumer power of the next five to ten years, there are different views on tourism, entertainment and parenting compared with the older generation. They like to travel without a plan and check out the scenes that appear in movies, TV shows or books. According to the recent CBNData report, 50% of the 90s may be inspired by movies, TV shows or books.
Movies and live performances are also their favorites. People after 90 mainly bought tickets online, with box office revenue accounting for 57%. 66% of people are willing to share comments on the film, which was only 24% two years ago. 90% of the Strawberry Music Festival tickets are purchased after 90s and 00s.
In the face of pressure and tension, the 90s are more willing to seek help from the online platform. They have grown to the largest user base for online appointment counseling (49.9%), followed by the 80s group (35.2%).
In addition, they have different opinions about parenting and tend to share their experiences online and learn from others.
Consumer attitude after 90s
When it comes to consumption, it seems that people after 90 become rational, know where, how and why they buy what they want.
Because of the consumption value of “borrowing money for life”, they have developed the habit of credit consumption. The installment of online shopping dominates among them. However, they do not seem to go too far in terms of credit consumption, because more than 90% of the 90-year-old Alipay credit limit will not be used up.
In the eyes of the 90s, pricing has little to do with quality products, and quality is first. They do not blindly pursue expensive goods and brands. This is why Taobao chose, Netease Yanxuan and other unbranded products to expand market share.
In addition, second-hand goods are highly acceptable to them. According to Xin.com, more than 30% of the transactions on used car trading platforms were made after the 90s and 95s. Specifically, they prefer economic cars that cost less than $100,000.
People after the 90s and 95s showed more interest in fresh and niche brands and quality goods.
Their preferences for niche things are also revealed during travel. More and more people have entered less well-known places and have chosen custom travel. Semporna (30%), Mauritius (28%), Male (25%), Edinburgh (25%), Reykjavik (25%), Las Vegas (25%), Fiji (24%) ), Saipan (23%), Menado (23%), and Bali (22%) are the top 10 destinations for most post-90s visitors in 2018.
Visiting museums, watching live performances and competitions is currently the mainstream game after the 90s. The top ten most popular museums in the 1990s are the Metropolitan Museum of Art in New York, the USS Midway Museum, the National Museum of Singapore, the Museum of Art and Science, the National Museum of Angkor, the Prado Museum, the National Museum of Marine Biology and Aquarium, and the Orsay Museum. Ctrip.com reports, California Academy of Sciences and National Museum.