Google has recently released a report on future consumer trends
One of the most interesting items I noticed that many of the photos used to illustrate the report were east Asian. Two of the listed consultants for the report, Nicole Fall and Martin Roll, extensively cover Asian consumer trends, and how to market to Asia.
The report identifies several major trends, and identifies Asia as ground zero where things are happening:
- Retailairity – Online channels are being merged into offline
- Shoppingmas – Ecommerce and entertainment are brought together
- Part-time preuneurs – Full-time workers with a side gig
- Leisuressence – A re-interpretation of leisure experience which straddles categories
- Curated for Me – Customized shopping experience and AI recommendations
In all of these areas, Chinese companies are leaders, even dominant, because of their access to the large Chinese mass market.
- For retailarity, Alibaba and Tencent are leaders, because Alipay and Tencent Wallet have been the major players in China becoming a mostly cashless society
- For shoppingmas, Alibaba has become a leader with its Singles Day on November 11
- The part-time preuneur movement has been enabled through WeChat, where people can create Groups and work together, all in WeChat and QQ
- For leisuressence, WeChat has also been an enabler, especially with its sharing of WeChat Moments, and which has started accepting advertising
- For curated for me, Bytedance’s Toutiao and Douyin have been leaders in delivering curated content personalized for the individual. In some cases, the apps have become addictive, and the Chinese government has even suspended them for several weeks because they are too distractive.
There is another strong trend: retailarity, shopping’s and leisuressence are women-dominated areas. The rapid rise in custom travel destinations and experiences is mainly driven by young Chinese women looking for unique travel experiences who want to publish what they are doing on WeChat Moments and Douyin.
Digital sharing is often being driven by young Chinese women.
The question which non-Chinese companies which are interested in tapping into the Chinese market should be asking is: “How do we make it really easy to be discoverable, and speak their language so that they can share their experience so that others can learn about what we offer?”
Subscribe to the ChinaBridge email newsletter One Billion Prospects so that your business can connect with Chinese consu