Serviceplan’s Vera Yu highlights seven social and economic trends for China

Vera Yu, Head of Strategy at Serviceplan China, Beijing, gave a speech at the International Roadshow 2017: China Insights to German enterprises in Munich with the title ‘The Future is Now’.

She shared some current social and economic happenings in China that are influencing the future, including consumption upgrade, sharing economy, live stream, and cash-free lifestyle.

From Vera’s point of view, as a country named as ‘The People’s Republic of Change’, Future is never a settled image, but a series of constantly changing realities of some of the below:

1. People are, and will continue to spend more on products and services that can “upgrade” their life quality, such as safer, greener, healthier, better and more aesthetic services.
2. Luxury consumption now has gone beyond status emulation. Those experiences and sensations that are not easily seen by others but enjoyed by oneself, are now more appreciated. Authenticity and an adventurous spirit will be treasured more.
3. Knowledge is becoming measurable and consumable. Those who are developing original content and IP’s are finally seeing the light and achieving success.
4. Emotions, irrespective of ups or downs, as long as there is a group of people who share the same emotions, there is a market. A more open society is now opening up to more alternative ways of expression.
5. China is entering into a great pan-entertainment age. Gaming, Comics, Films and Music cross over and interact with each other. Marketers should seize the opportunity to turn them into marketing vehicles.
6. The fast development of Internet plus and mobile payment is turning China into the world’s number 1 “Cash-free Lifestyle” country. A mobile in one’s hand can mean a whole world in one’s hand.
7. A sharing economy reinforced by leapfrogging the adaptation of new technology is deeply influencing people’s daily lives. People are shifting from addiction to material possession, for a better life with less possession, but with more freedom and more possibilities.

“‘When there is no attachment, there is freedom’. These are already ‘realities’ in China which are indicating the future way of living, making the Chinese less and less constrained by materials, but more and more accessible to ‘ultimate happiness’. Consequently it’s a good time for German brands who are dedicated to improving people’s quality of life to come to China and play a more active role there,” said Vera.

Source: Serviceplan

  APAC, China, Economic, International Roadshow 2017, Marketing, Serviceplan, Social, The Future is Now, Trends, Vera Yu