News

Gen-Z consumption trends unveiled: survey

It also reveals Gen-Z’s distinct attitudes and preferences

Gen-Z

Gen-Z consumption trends unveiled: survey. Survey: pexels.com

According to JD.com, Gen-Z had the highest growth rate in online shopping turnover in 2020, at 23% higher than the average growth rate of the entire platform.

The data found that Gen-Z pursues products from the domestic market. In fact, although only about 10% of total customers are from Gen-Z, this generation purchased over 30% of domestic products, contributing to nearly 40% of total sales in this category. The top 3 products are lipsticks, canvas shoes, and gold pendants.

These consumers also liked new products and purchased over 50% of the new products, including digital products, cosmetics, and personal care, as well as computer and office products.

Besides, Gen-Z highly prioritizes health. Antioxidant supplements bought by Gen-Z increased six times YOY in 2020. Smart healthcare tools, liver protection products, and anemia improvement products are also popular.

Despite just starting to have a fixed income for a few years, Gen-Z is willing to spend a lot on their hobbies. In 2020, transaction volume growth of garage kits, Lego, Japanese high school uniform skirts, and mystery boxes exceeded that of all consumers by 618%, 375%, 300%, and 235% respectively.

They are also pet lovers. Gen-Z consumers spend more on their pets than on themselves. Pet-related service transaction volume growth for Gen-Z exceeded that of all users by over 5 times.

When it comes to housework, there’s a preference for high-tech devices that can simplify the job. In dishwashers, clothes washing machines, and shoe washing machines, Gen-Z consumption grew 475%, 352%, and 344% respectively as compared with all users. Self-improvement is an ongoing and important quest for this generation.

According to data from the sixth national census, China has over 210 million Gen-Zs (post-1995). The oldest of Gen-Z is already 26 years old, and this generation has gradually grown into the backbone of China’s internet.

PaySpace Magazine suggests you take a look at the best ways to save up your money.

We’ve reported that the Dutch customers spent over €2.5B online in 2020.

SEE ALSO:

Pay Space

6828 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.