Socially conscious, more willing to spend and highly digitally connected.
Descriptions of millennials and their spending habits often run the risk of resorting to stereotypes but for businesses operating in Asia, these qualities remain key in guiding customer engagement strategies.
Home to almost 60 percent of the global millennial population—typically described as those between the ages of 16 and 35, emerging Asia is fast turning into a battleground among both traditional and online retailers for the hearts (and wallets) of consumers. Key reasons for the region's appeal: The rapid rate of urbanization, as well as the large youth populations, which are expected to translate into a larger consumer base when they come of age.
"Chinese consumers [are] in the process of consumption upgrading. People are basically changing their lifestyle[s]," said Daniel Zhang, chief executive officer of Alibaba, during a panel session at the Singapore Summit held at the Shangri-La Hotel.
One of the brains behind the creation of the now legendary Single's Day shopping event, Zhang said that the reason for its inception was to have people remember Alibaba's at-the-time new business-to-consumer Taobao Mall (now rebranded as Tmall) platform. "The reason we created [Single's Day] is probably for one thing, it's for survival," he said.