OXFORDSHIRE, United Kingdom — “In China it’s slightly different from everywhere else, because we’ve had several generations of only children,” said Vogue China editor-in-chief Angelica Cheung explaining why Chinese millennials have such spending power.
Speaking on stage in December at VOICES, BoF’s new annual gathering for big thinkers, Cheung told BoF founder and CEO Imran Amed: “The millennials, I would describe them as the real consumers, the organic consumers. They consume for the sake of consuming. And they just love things, they want to buy… it’s not for any purpose.”
Many brands, however, have not grasped how to communicate with this desirable new consumer, Cheung continued. “I feel a lot people are taking a very short term kind of approach to reaching the millennials,” she said. “You see a lot of these male actors becoming spokespeople for women’s lipsticks, cosmetics products. I feel that’s quite crude.”
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