Perhaps due to the One Child Policy creating many single child families, Millennials grew up with a lot of family support and attention. Pooling together all of the family’s resources make Millennials feel wealthier than they actually are, leading to more spending, without necessarily the same earnings as previous generations. Where do they go to spend their money? Digital is a large part of their buying process, with search and brand website being the top destinations.
Millennials Monthly Household Income is Lower
Millennials tend to make less income than non-millennials.
Millennials Spending Similar to Non-Millennials
Perhaps due to the fact many Millennials have family support, their disposable income is closer to that of non-millennials. The constant presence of things to buy via online channels could also contribute to Millennials spending more than their older counterparts.
Millennials Use Digital to Decide What to Buy
Search and brand website remains the most important entry point for Millennials when they first start learning about a brand. Much of Chinese Millennial buying behavior takes place online.