What Happened: According to a survey released by China’s Communist Youth League, which interviewed 3,000 local people between 18 and 26, nearly half of China’s young urban women and a quarter of men said they do not plan to marry. Chinese Gen Zers gave several reasons for their choice, including not having time to get married, difficulty finding the right person, and the economic burden of marriage and children.
The survey results worry the country, which attempted to boost its birth rate this year by launching a new three-child policy, lifting its previous ban on having more than two children per couple.
The Jing Take: It may sound surprising that so many unmarried Chinese youths reject the idea of settle down and starting families of their own, but not for the Chinese. The country’s fast-paced “996” work culture, which indicates working six days a week from 9 am to 9 pm, means they barely have time to socialize and meet new people. Furthermore, China has very high living costs compared to its salaries. Today, saving money and buying a house — two indispensable elements for getting married in China — seem like true luxuries.
The news may be a bad sign for many sectors — bridal and childrenswear, for instance — but less so for the luxury industry as a whole. Without needing to save money for weddings, young consumers will have more disposable income to spend on self-rewards like luxury items.
And, as the idea of not getting married spreads among young spenders, high-end Maisons should start thinking about ways to address this target through related marketing strategies. For example, netizens pushed back against the idea that unmarried women could not buy their own engagement rings, which led to young women buying more diamonds for themselves.
Therefore, although this news may not worry luxury brands at the moment, they must continue to react to market needs to stay relevant.
Read More at https://jingdaily.com/china-young-women-marry-luxury/