As more women pursue in China higher education, joining the labor force and delaying starting families increased their purchasing power. And they’re using the extra money to invest in themselves to drive growth in their favorite categories, including luxury fashion, fitness, and pet accessories.
March 8th is International Women’s Day gin daily looks at how Chinese women spend their money and shape “her economy” of the country.
Chinese woman breaks the glass ceiling
Given that China is the world’s second largest economy, it’s no surprise that Chinese women are one of the most influential consumer groups on the planet.
Broadly speaking, Asian women have more wealth than women in any other region except North America.China alone accounts for her two-thirds of the world’s self-made female billionaire, ahead of the US and UK.According to global consulting firm Accenture, China has nearly 400 million female consumers Between the ages of 20 and 60, they account for $1.4 trillion (RMB10 trillion) in annual spending.
Chinese women still face many challenges. discrimination in the workplaceincome inequality, unjustified social expectations and even government pressure uphold family valuesBut they prove that they don’t need a man or a family to meet their needs and find happiness. buy gifts and take care of their own health.
single women treat themselves
Chinese marriage And the birth rate is at an all-time low. In 2022, China’s population will decline for the first time in his 60 years, and the birth rate will drop to 6.77 live births per 1,000 from 7.52 the previous year. Cities in China are rolling out various incentives to boost birth rates, including giving newlyweds her 30-day maternity leave. paid holiday Or offer subsidies for childbirth – the woman does not accept the offer. In addition to the prohibitive cost of raising children, having a family is often seen as an obstacle to career advancement. reason for discriminationespecially in the harsh working environment of China.
What this means is that Chinese women are more and more likely to spend money on themselves.according to Research by JD.comWomen’s share of consumption for their own needs rather than for family will be 54% in 2021, with luxury goods, education and training, tourism and health services being the main beneficiaries.
This trend is evident in jewelry, which uses luxury goods as luxury goods. Symbol of financial success. While the number of Chinese women who bought diamond jewelry for the first time in 2020 fell due to the pandemic, Chinese women who bought diamonds were wealthier, with an average spend of 33% higher than in 2018. reported. de Beers.
De Beers reported that from 2018 to 2020, average spending per piece of diamond jewelry increased by 33% in China. Photo: De Beers
Women also say they are the main buyers of Chinese gold jewellery. World Gold Councilhope their demand will pick up now that the country has fallen Strict COVID-19 Policy.
Women lead family purchasing decisions
Meanwhile, women who choose to have families are responsible for three-quarters of household purchasing decisions. According to the 2020 HSBC reportChinese female shoppers are more likely to buy high-tech appliances such as washing machines, floor-sweeping robots and dishwashers for their families, according to a JD.com survey. Growing interest in energy-saving productsand has become an important target user for home gadget brands.
This shopping habit extends to the furry family as well. According to Bain’s report, 45% of new pet owners in China were born in the 1990s. 60 percent I’m a woman.these young women see pets as part of the extended family Alibaba reports that the average food cost per pet has increased by 15% over the past six years. Chinese woman wants only the best for her fur babies as premium her pet food (products priced at over $7 per kilo) tops entire animal food category at 2022 Singles Day festival indicates that High-end pet accessories and Hanfu pet clothes have also emerged to meet this need.
Xiaohongshu users dress their pets in luxurious clothes and Hanfu.Photo: Xiaohongshu
Women invest in personal growth and health
Women prioritize self-development and improvement, whether physical or mental. In 2022, a JD.com woman will spend 1.43 times more than her man on fitness and outdoor gear. Increase in education and training related products 30 percent Year after year.
In 2022, Chinese fitness chain LeFit Not only did female members make up the majority of members (54%), they also worked out and purchased courses more frequently than male members. As women are closing the gap with men in the sports consumer market, lululemon ( Furun in 2023) and Maia Active serve this consumer group.
Lululemon has been ranked the best yoga wear brand among China’s luxury consumers by the Hurun Research Institute in 2023. Photo: Lululemon
At the same time, women also take care of their appearance. According to CBNData research, 93 percent The proportion of women seeking “natural and delicate beauty” focuses on skin health. That’s why facial products that offer natural ingredients, long-lasting repair and anti-aging, such as La Mer’s The Her Concentrate Serum and Clarin’s Double Serum, are the hottest.
Additionally, according to the 2023 Alimama report, 89% of female shoppers believe technology will improve the effectiveness of skin care products. It benefits innovative brands such as Shiseido and Proya Cosmetics.
Women want to represent
Chinese women today express themselves in many different ways.just look diverse styles became a hot topic on Xiaohongshu, Over 85% of users Circa 2000 girly fit, sporty broken core look, gender neutral ensemble, alpha female It got millions of views. in 2022 540,000 posts Personal style topics were shared on Xiaohongshu, prompting young people to “set aside their body insecurities” and “focus on developing a diverse personal style,” the platform said.
Chinese women are incorporating menswear into their wardrobes to look cool and confident.Photo: Xiaohongshu
In addition to creating collections and marketing in line with these trends, brands can also communicate with local consumers by addressing women’s issues.Gender equality, body acceptance and social pressure. , and other topics are at the forefront of popular culture, reflected in the success of television shows such as: sisters making waves and hear her voice, which focuses on women’s stories. Increased awareness and changing values have driven brands such as: Neiwai launches campaign While embracing the notion of women liberated from tradition, others like fresh and Victoria’s Secret have appointed an unconventional ambassador to redefine beauty standards.
