Phones, social media linked to online spending
Print Edition
YOUNG consumers using mobile phones and social media are emerging as a key force in China’s booming online shopping market, according to survey data from researcher and global property service provider CBRE.
Some 11,000 shoppers of various age groups in 11 major markets across the Asia Pacific region were polled in CBRE’s survey, the results of which indicate that consumers in Generation Z — that is, persons aged 18 to 24 — are set to play an increasingly influential role in the regional retail market over coming years.
In China, 45 percent of those surveyed said they make online purchase at least once a week and over 45 percent reported making purchases via smartphones, a figure well above the regional average of 28 percent. The survey found that social networking activity has a significant impact on consumer behavior in China, with over 70 percent of consumers utilizing social media platforms to make purchases, the highest rate across the region.
Online consumers in China spend between US$26 and US$50 per month on average. This compares with average spending between US$51 and US$100 per month in South Korea, Japan, Singapore, India and Australia. According to CBRE researchers, such results indicate consumers in China still prefer purchasing big-ticket items at bricks-and-mortar stores because of authenticity concerns.
“Driven by rapid growth in e-commerce in China, the retail landscape is changing significantly and landlords and retailers need to be more digital-savvy, keeping pace with the latest trends in smartphone applications and social media so they can build a stronger relationship with consumers especially those from Generation Z,” said Ivan Poon, president of CBRE China. “These digital platforms are two essential mediums of online retailing, which should be integrated into retailers’ omni-channel strategies in order to capture online-to-offline business opportunities.”
Whilst half of Asian Pacific consumers say they still physically visit shops to make purchases, findings show that in emerging markets such as Chinese mainland and India, the majority of respondents — 76 percent and 68 percent respectively — admitted that online shopping is their most commonly used method of making purchases.
This is also the case in the more developed markets of South Korea and China’s Taiwan where 73 percent and 55 percent of consumers respectively, said their primary method of making purchases is online shopping.
Along with convenience, pricing ranks among the top reasons why consumers shop online — 63 percent of all respondents surveyed identified this as their key deciding factor. These results correspond to the same deciding factors when shopping at physical stores.
The ability to compare products without having to physically visit individual stores is another major factor for the region’s consumers when shopping online. This trend is particularly prominent in emerging markets such as Vietnam (64 percent), China (61 percent) and India (58 percent) where quality shopping centers or shops are often located far from each other.
Generation Z is expected to have significant influence over the region’s retail market in the coming years as their income levels are set to increase rapidly when they enter the job market. Key aspects of their online shopping habits include stronger trust in online information; more activity on social media, and needing a sense of differentiation.
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