Amid pandemic, Generation Z is spending up big online
More than 60 percent of Chinese students are influenced by social media, such as Douyin, Kuaishou and Xiaohongshu (Red), when they decide what to buy online.
The Generation Z – those born between 1995 and 2009 – are now returning to schools and colleges.
Popular products include clothing and sportswear, electronics and digital services, such as games and movies.
Some have a budget of over 5,000 yuan (US$780) for the new semester, said researcher Rong360, which conducted a national survey in July and August.
About 92 percent of students are willing to buy products online and half of them choose livestreaming channels.
Generation Z has been spending more time online since the pandemic broke out.
The pandemic has changed consumption mode and the landscape of the economy, according to Rong360, whose partners and clients include banks, online finance platforms and payment firms.
For students, their budgets for the new semester mainly range between 1,000 and 2,000 yuan (39.4 percent) and 2,000 and 5,000 yuan (24.5 percent), according to the report.
Young students are more willing to spend on paid digital entertainment and content.
That includes games, literature, music, video and animation.
China is home to over 1 billion netizens – the world's largest and most vibrant digital society, fueled by the country's booming 5G development and various online applications, according to a separate report from the China Internet Network Information Center.
The Rong360 report also warned that students might spend more on digital content and less on clothes as the pandemic has forced schools to delay the new semester in some regions.