RISK MANAGEMENT

Majority of Chinese Millennials Use Mobile Payment for Offline Purchases, Almost Double Their U.S. Counterparts

Chinese millennials use digital tools to satisfy functional and emotional needs -- food, expenditure, socializing -- more prevalently than their U.S. counterparts, according to a study conducted by Labbrand, global brand consultancy.

Among the key indicators, 85.6% of Chinese millennials use mobile payment in physical shops at least once a week, as opposed to 44.7% of U.S. millennials. Such findings can be leveraged by global brands crafting their digital strategies for these and other international markets.

Other noteworthy initial findings of the survey were also revealed. In terms of socializing, for example, Chinese millennials are highly expressive online -- 71.4% post answers to questions on Q&A sites or forums at least once a week, while 77.6% post reviews on movies, restaurants, travels or other activities at least once a week.

U.S. millennials fell short of reaching 50% (41.8% on posting answers and 44.8% on posting reviews) on both questions. Overall, the majority of Chinese millennials agree that they tend to share everything they do online (55.3%), whereas only 28.3% of American millennials felt the same way.

Labbrand released the initial findings of the survey at the Millennial 20/20 summit in New York. At the event, Denise Sabet, Labbrand's Managing Director of North America, presented on "The Digital World of Chinese Millennials", while also highlighting takeaways for brand marketers in the U.S.

"The term millennial has been overused, and the definition has become too broad," said Denise Sabet, Labbrand's Managing Director of North America. "Brands need to uncover deeper and more specific insights on millennial consumers, and to tailor their brand actions to the characteristics of more targeted segments."

Based on the Digital Drivers model developed by Labbrand, the survey results also indicated that U.S. millennials are driven to digital platforms mainly by the need to seek pleasure, while Chinese millennials tend to be simultaneously driven by the needs of connection, discovery, actualization as well as pleasure.

Related Articles

China could potentially face a “Minsky Moment” amid high corporate debt and...
Moody's Japan K.K. expects robust growth in external demand to continue this...
More U.S. businesses are reporting profits and increased hiring, with greater...
Hong Kong’s leasing activity picked up in Q3 2017, with net absorption...