LVMH Wu Yue: The Younger Generation Of Consumers Is Changing The Consumption Pattern Of The Chinese Market.

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Wu Yue, President of group Greater China

Only by fully understanding the idea of the younger generation of Chinese consumers can we integrate into China.

Because the younger generation of consumers is changing the consumption pattern of the Chinese market, and it is also the main consumer force in the market.

In the forum, he mainly talked about China's great changes since 1989.

To be sure, China's urbanization and wealth accumulation are still developing rapidly. Taking Shenzhen as an example, in 1980, it was a small fishing village with only 30 thousand inhabitants. Now it has developed into a vibrant entrepreneurial city with 10 million 800 thousand inhabitants, a city with a per capita GDP comparable to Hongkong.

When Forbes started tracking Chinese tycoons in 1999, countries with 6 million dollars in wealth could enter the top 50 list. By 2015, only 850 million of them could squeeze into the top 400. The number of billionaires in China has reached 345 this year, more than two times that of 168 in 2013.

Wu Yue outlined the three stages of China's consumption, from the despair in 80s to the shortage in the early 90s and then to the massive display mode in the late 90s and 2009. However, since 2010, the consumption pattern of Chinese consumers has changed from the pursuit of quantity to the pursuit of quality, and this change has become more and more obvious over time.

For example, after experiencing derailment in July 2011 and increasing haze in big cities, the Chinese people have begun to openly question the consequences of excessive growth.

In his view, self consumption is a more sustainable trend. Almost all consumption growth is driven by new consumers.

Although it is the same market, the brand is facing a group of new consumers, and the market environment is also very active. China is entering a differentiated era.

The younger generation of China will play a key role. Nearly half of the 1 billion 340 million Chinese citizens will be born after 1980. This huge group is also the beneficiary of economic growth, and they will play an increasingly important role in consumption.

Among them, there were about 219 million consumers born in 80s, about 171 million people were born in 90s, and there are about 175 million consumers in the new century. Consumers in the new century will not only follow the international fashion trend, but may also become the fashion generation.

Wu Yue added that to keep in touch with Chinese consumers, we must continue to focus on more and more important young forces.

In addition, the mobility of Chinese consumers is becoming stronger and stronger. When the eleven Golden Week holidays first appeared, the number of Chinese outbound travelers was only 28 million, and the number of eleven golden week trips this year was nearly 600 million.

As early as 1972, China and South Korea were relatively isolated. At that time only 210 thousand diplomatic passports were in circulation, and by 2015, according to public figures, the number of passports was about 65 million, although it could only represent a small population, but it was enough to explain China's progress and development in recent years.

The number of students travelling overseas has almost doubled in the past 20 years, and China has joined the international community.