China's Gen Z offer potential for imported brands

Gen Z consumers are the fastest-growing cohort on Tmall Global, Alibaba’s cross-border marketplace, and are helping reshape the consumer market – they’re willing to pay a premium for quality products, with sales of perfume, whiskey and fashion items all growing as a result.

Takeaways 

• The number of shoppers on Tmall Global born after 2000 grew more than 70% in the year to March 2021, according to an Alibaba executive; of the 100 million annual active users on the platform, around 30% were born after 1995.
• Young consumers use scents to express their mood, personality and even values; they’re a driving force behind the growing popularity of niche perfume brands on the platform.
• Young people with interest in wellness and self-care are turning health supplements into snacks; new brands are emerging to cater to this trend. 
• In 2021, more than 6,000 new brands entered China through Alibaba’s import ecosystem. 

Quote

“Consumers of imported goods are getting much younger, with the fastest growth from Gen Z consumers, [so] their huge consumption potential is important to brands” – Alvin Liu, president of Alibaba B2C Retail.

Sourced from Alizila [Image: Tmall]