Understanding the Chinese millennial consumer

China's millennials are having more and more influence in the world by disrupting economic models and driving innovation. As they embrace everything from mobile e-commerce and innovative ways of living and doing business, they are forcing a growing range of companies - both Chinese and Western - to re-evaluate how they do business.

Born in the 1980s and ’90s, China's millennials are a huge group of educated, tech-savvy consumers.  There are around 415 million millennials, whiich is more than the entire population of America.  This key demographic is also increasingly wealthy; according to the same report, aggregate millennial income is set to grow by US$3 trillion during the next decade.  As such, this is potentially a great target for American based real estate agents who are looking for leads.

"These Chinese millennials are more worldly, entrepreneurial, individualistic, open-minded and willing to spend," says David Lung, a managing partner with Deloitte China. "Already important consumers, they have the potential to become even more influential through career advancement and wealth accumulation."

Chinese millennials spend much of their lives online. And exactly because they spend so much time surfing the net,  millennials in China are also much more intererested in international affairs and traveling. Based on research from GfK, a German market research firm,  more than 50% of the China's 109 million outbound travelers in 2015, who together spent a whopping US$229 billion while traveling, are millenials.

It is expected that many of these Chinese millenials are keen on spending more time overseas, and consider buying a house overseas is part of their international ambition.  Real estate agents probably should consider this up and coming class of Chinese people.