From Products to Experiences: How Gen Z is Reshaping China's Economy
Move over, luxury handbags and gadgets—China’s consumers are now splurging on immersive experiences and personalized services! According to McKinsey’s 2024 China Consumer Report, a seismic shift is underway as young people prioritize ‘living in the moment’ over traditional retail therapy. 🌏✨
McKinsey senior partner Daniel Zipser told CGTN this trend is fueled by tech-savvy Gen Zers who value:
Adventure-rich travel packages 🧳✈️
AI-powered wellness services 🧘♂️🤖
Interactive entertainment venues 🎮🎬
\"We’re seeing 20-35 year olds spend 40% more on services than previous generations,\" Zipser revealed, comparing it to the global \"experience economy\" movement popularized by Taylor Swift’s Eras Tour mania.
The Business Playbook: How Companies Are Adapting
From AI-powered personal shoppers to augmented reality restaurant menus, Chinese businesses are:
Integrating digital tools for hyper-personalization
Creating shareable Instagram-style moments 📸
Partnering with KOLs (Key Opinion Leaders) for authenticity
The report highlights booming sectors like:
🩺 Health Tech
+78% YOY growth
🎭 Immersive Theater
+112% since 2022
What’s Next?
With service spending projected to hit $1.2 trillion by 2026, this trend could redefine global consumption patterns. As Zipser puts it: \"China isn’t just following trends—it’s writing the playbook.\" 📈💡
