Catch Chinese middle-class women’s heart, grab the market
Nielsen released the China Consumer Trends Index Report for the first quarter of 2019. The report showed that the China Consumer Trend Index for the first quarter was 115 points, up 2 points from 113 points in the previous quarter and close to historical highs.
Zhao Xinyu, President of Nielsen China, said: “With the continuous advancement of the national regional economic development strategy, the construction of the “One Belt and One Road”, the coordinated development of Beijing-Tianjin-Hebei, the development of the Yangtze River Economic Belt, and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. With the accelerated cultivation, the potential of the new urbanization market has been continuously released, and the vitality of the development of market entities has been further enhanced, effectively promoting the steady, healthy and sustainable development of China’s economy.”
The Nielsen report shows that compared with the overall population, the middle-income new female consumer trend index performance is the most eye-catching, 130 points, far higher than the national average of 115 points.
Middle-class new women are generally high-income, highly educated and highly qualified, with autonomy, self-confidence and self-confidence as their exclusive labels. Among them, autonomy is mainly reflected in its strong self-worth and deep cultivation of personal social circles. Nielsen data shows that 47% of middle-class new women are more concerned about their own pay and return, 60% of middle-class new women are more committed to the values they believe are right, 42% and 24% of middle-class new women hope to though afternoon tea/dining spend time with socializing in a particular circle; self-expression is about seeking self-investment and focusing on spiritual life. Nielsen data shows that if there is spare cash, middle-class new women are more likely to spend money on investment and financial management (36%), children’s education (46%) and travel vacation (57%); in the choice of leisure time in the coming year, They are more willing to choose self-improvement (29%), cinema/concert/art exhibition (44%), vacation/hiking (54%). Confidence is characterized by more choices in financial management and stronger risk tolerance. In addition to regular savings, Internet financial wealth management products (40%), fixed income investment products (32%), funds (28%), and insurance investment products (27%) are important choices for their investment and financial management. In the future, 29% of them hope to continue to increase investment in internet financial products, and 31% want to increase investment in fund products.
The autonomy, self-confidence and self-confidence of middle-class new women are also reflected in their consumption attitudes and purchasing behaviours. Their personal consumption grows significantly. Nielsen data shows that compared with last year, 65% of middle-class new women have new consumption, and their new consumption is mainly spent on children’s education (40%), skincare/makeup/beauty (29%), investment and wealth management (25%). Fitness exercise (11%) and first purchase of cars (7%). In the coming year, 57% of them are willing to pay for their favourite products/interests, and 44% are more focused on pursuing quality life.
They use “heart” to consume, interest and emotion are the biggest drivers. In the coming year, in addition to holiday tourism/hiking camping (49%), in concerts/art exhibitions (19%), social/activities in specific circles (12 %) The proportion of new middle-income women who are willing to pay more is nearly twice the overall average.
They pursue an all-round quality upgrade from the inside out, from the family to the individual. Nielsen data shows that in the next year’s buying tendency, they show a stronger willingness to upgrade their quality in terms of food, clothing, housing and transportation. In addition, their willingness to purchase jewellery and furniture in the next year is higher than the entire female group, 36% and 19% respectively, and their shopping incentives are more to show their status.
They spend money to pursue healthy beauty and create a charming self. Nielsen data shows that the proportion of middle-income women who are concerned about health issues is up to 22%. Therefore, in the future consumption plan, 35% of middle-class new women will choose physical fitness, 37% will choose to buy health care products/medicines, and in sports and fitness, middle-class new women will buy professional equipment and personal training courses such as treadmills. The willingness is 27% and 36% respectively, which is much higher than the overall level of 15% and 11%.
They are pursuing shopping convenience and are increasingly inclined to consume online. Nielsen data shows that 54% of middle-class new women have increased online fast-moving consumer goods consumption in the past three months, 41% higher than the overall population, and 42% of people maintain high-frequency consumption, averaging more than 2 times per month. In addition to FMCG, they also buy high-quality goods online, 65% buy cosmetics and personal care products, 45% buy fresh and 40% buy personal electronics. In addition, 66% of middle-class new women have plans to increase online consumption.
They understand time value and are smart life advocates. The Nielsen report shows that 63% of middle-class women have smart TVs, 39% have Internet TV boxes, 22% have children’s smart watches, and 19% use housekeeping robots to better liberate their time and energy with technology.
Zhao Xinyu said that “the new female group of the middle class is growing and the power of innovation cannot be ignored. It is an important force to promote the development and progress of all fields of society. They have high education, high income and pursue independence; they advocate self-confidence, autonomy and self, and pursue high quality, its consumption concept and consumption behaviour have distinct characteristics, and they are often the dominant players in household consumption. They have become the main force to lead the future consumer market. It has become an inevitable choice for all brands to pay attention to and meet the needs of women.”
Resources from Nielsen