Regina Chi is a vice-president and portfolio manager at AGF Investments Inc.
Millennials in emerging markets are driving consumption growth, not just in their own countries, but also around the world. Indeed, EM millennials – the demographic largely born in the 1980s and 1990s – are quickly becoming the world’s most powerful consumers, the Holy Grail for companies in the business of everything from cosmetics and luxury goods to food and appliances.
Millennials in EM typically have different priorities and consumption preferences than their parents, who were largely concerned with boosting their basic living standards. With increased emphasis on experiences, recreation and wellness, millennials are spending more on travel, health, eating out, beauty products and clothing. They’re also more concerned with shelling out for perceived quality.
Technology is driving both retail and consumption trends. Many EM millennials have leapfrogged the typical transition from laptop to tablets, heading straight to smartphones. According to the Financial Times, some 70 per cent of online purchases in China are conducted on a mobile phone, double the percentage in the United States.
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