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What Are the Characteristics of China's Building Materials and Household Consumption Groups?

China

 

First of all, it is the transformation of the consumer group:

 

At present, China’s after 80/90/95 generation have become a mainstream consumer group, and consumption of building materials and household tends to be young. According to statistics, the mainstream people in the past household consumption are mostly concentrated in the age of 35, but now they are mainly concentrated in 28. The proportion of consumers aged 25-35 is nearly 60%; the other type of consumer group is the “new middle class” of the city. After 2015, the concept of “new middle class” has been popularized by Credit Suisse. The Global Wealth Report states that the number of middle class in China has surpassed that of the United States to become the world's largest middle class. In 2018, the number of middle class in China still maintained a rapid growth momentum.

 

Second, it is the transformation of the concept of consumption:

 

The current consumption power and concept of the consumer groups are also upgrading. Consumer demand began to shift from the basic satisfaction of “living” demand to diversified demand, and the entire consumer group paid more and more attention to the pursuit of a better quality of life. They have a very high level of cognition and acceptance of the Internet. They are accustomed to accessing consumer information online, while chasing personality and quality consumption, and prefer the convenience, experience, and even social attributes of the consumer process.

Third, it is the transformation of the consumer market:

 

The building materials home market is closely related to the real estate market. With the rapid development of China's urbanization process, although the Chinese real estate market has undergone regulation and control, the market still shows a steady development trend, providing a good foundation for the development of China's home furnishing market.

 

(Source: Jjgle.com)