Consumer Behavioral Change In China: The Y Generation

989 words - 4 pages

Even though China is still the land of imitation designer goods, things are changing in this communist nation. Business is becoming more westernized and so are the ways goods are marketed and purchased. Gone are the days of cheap imitations. The younger generation is prospering and they want internationally recognized goods as a way to show their prosperity and status. The Chinese culture is changing. They now have a Generation Y, which is a product of the one family, one child system meaning a single child grew up as sole recipients of their parent's attention and income.One company cashing in on this Generation Y is a company called Tencent. Tencent is an instant messaging company that has acquired 60% of the market share in China. It derives a large part of it revenue from the sale of avatars and cartoon characters, allowing users to adopt a 'personality' online.Few companies in China have had the success as Trancent has. Market saturation is low and they have a better opportunity to build the brand in an emerging market. Generation Y needs social contact with friends and family, so communication and social connections are very important. Microsoft and Yahoo are recognizing this opportunity and partnering with Chinese company's to try to achieve a part of this growth. The cultural change Chinese market has caused this new consumer behavior with Generation Y.The author is writing this paper as they want to show how the changes with the younger generation from one child families in China have caused a huge growth in consumer behavior. This has caused an explosion in sectors that are important for this generations needs. This cultural change has caused other countries to market and focus on Generation Y in China. Not only this, but the author also shows how the Chinese brands are trying to take this new growth and knowledge and expand to other countries on the global stage. They feel their experience in China has given them the ability to build strong brand recognition and bring it to the global market.The concept and or idea they are examining is that if a company is able to build a strong brand based on a cultural change, hence Generation Y, then there is a strong possibility to carry this to a larger sector on the global front. This will be the true success story of a company hoping to make it in the global economy. They must be willing to take advantage of the cultural changes as it pertains to consumer behavior. You must be willing to recognize it and design your business around it.The author feels this is important because it shows how other global company's can follow this same idea to reach a segment that maybe they never had or focused on before. They can see how the Chinese have succeeded and use this to build their own brand. It also shows how these companies can also market to the Generation Y in China and what items are important to them.The theories the author is...

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