Gen Z, 'silver generation' shoring up China's consumption
Generation Z, the young consumers born between the mid-1990s and the early 2010s, and the "silver generation" are set to become the backbone of China's next consumption group, a new report said.
According to a report from JD Big Data Research Institute, art toys with cultural intellectual property rights are gaining traction among China's Gen Z, as sales of garage kits, Lego blocks and blind boxes on JD's online marketplaces surged 618, 375 and 235 percent respectively in 2020, compared with the same period in 2019.
The report concluded the potential for healthcare products is enormous for Gen Z. The sharpest increase comes from the sales volume of antioxidant products, which is six times more than that in 2019. Sales of smart healthcare devices have also risen 314 percent, making the biggest year-on-year increase across all age groups.
Youngsters are also actively embracing time-honored brands, for which sales among Gen Z increased 315 percent during this year‘s June 1 to 18 shopping festival, compared with the same period in 2020.
Over one million people under the age of 25 are searching for books for self-improvement every day. Among these, books for professional certificate qualification tests are among the best sellers, showing study for skills and occupations contribute to some of the biggest pressures Gen Z has to face.
The silver generation is straining to get used to the rapid digitalization of society. The pandemic, combined with the prevailing usage of online services, have further precipitated seniors' participation in online shopping.
This is particularly true of healthcare. Sales of healthcare services have increased more than 10 times in 2020 on a yearly basis, and the volume of orders of online diagnoses has also spiked by 233 times.
Apart from taking care of their physical health, the silver group has invested significantly in maintaining their hobbies. For instance, sales of painting, photography and swimming products rose nearly 70 percent in the first half of 2021, compared with the same period in 2020.