This issue of Bloomberg Businessweek talked about the consumption habit of Generation Z, which refers to the generation born after 1995, although the precise classifications do differ. Generation Z, according to the passages, is becoming the main driving force of many economies, and only producers who know how to attract their attention will win the game. As far as I’m concerned, the whole report is about one thing, which surprisingly is not mentioned in any of the passages, the attention economics. Attention as a limited resource, is linked tightly with the allocation of wealth, which for the producers, is how much money people would like to spend on your products.
Several facts mentioned in the passages made me interested, one of which was how much of household spending was spent by generation Z in different countries. The gap was striving. In China, the percentage is 13, while in UK and US, the percentages are both 3. One-child policy indeed made our generation look a little spoiled. Chinese young people have better job expectation than western developed countries, as well, which also contributed to the gap in spending desire. Then our Japanese peer are the least willing-to-spend generation compared to their predecessors. I feel sorry for them.
Nonetheless, Chinese young people are faced with a more severe situation, the O2O debt. I’ve heard too many stories of this kind, and they made me doubt that the overspending fashion would ruin many of our peers. Or should I say, it has, already?
Also the Chinese part about Xiaohongshu and iQiyi, aroused my concerns. I remember several years ago my Media Economics teacher said that one day when we were watching videos, there would be buttons on the screen, to lead us to the shopping site. The attention merchants become real merchants, and thus the transaction costs would be quickly reduced. This topic requires a lot of reading and thinking, on which I will keep focus.
Several facts mentioned in the passages made me interested, one of which was how much of household spending was spent by generation Z in different countries. The gap was striving. In China, the percentage is 13, while in UK and US, the percentages are both 3. One-child policy indeed made our generation look a little spoiled. Chinese young people have better job expectation than western developed countries, as well, which also contributed to the gap in spending desire. Then our Japanese peer are the least willing-to-spend generation compared to their predecessors. I feel sorry for them.
Nonetheless, Chinese young people are faced with a more severe situation, the O2O debt. I’ve heard too many stories of this kind, and they made me doubt that the overspending fashion would ruin many of our peers. Or should I say, it has, already?
Also the Chinese part about Xiaohongshu and iQiyi, aroused my concerns. I remember several years ago my Media Economics teacher said that one day when we were watching videos, there would be buttons on the screen, to lead us to the shopping site. The attention merchants become real merchants, and thus the transaction costs would be quickly reduced. This topic requires a lot of reading and thinking, on which I will keep focus.
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