China and India’s Youth Demographics and Trends
As the United States continue to grow over the years, it is certain that we should also acknowledge that other countries will be expanding also. We tend to focus how each country is growing in technology but there are many other trends that we are forgetting. Youths in China and India tend to follow their own trends. We will discuss China and India by describing the products (goods and services) that interest their youth markets, comparing and contrasting the micro- and macro-environmental forces that can influence the marketing strategies for these products, and analyzing the marketing strategies of these two countries and compare them with Western-based consumption marketers.
It has been projected that in the near future the youth in China is going to be the main part of consumer spending in that country alone. The current population of the People’s Republic of China is estimated to be about 1,390,510,630. China’s population makes up around 19.3% of the world’s population (World Population Statistics, 2014). According to The Hindu (2014), the population in the age-group of 15-34 increased from 353 million in 2001 to 430 million in 2011. Every third person in an Indian city today is a youth (Shivakumar, 2014).
The most significant component to successful marketing is to gain the loyalty of the youth. Today’s consumers relate to brands that help define who they are and who they will like to be in the future. The youth in China are now deciding what they want for their own lives. In the past, their parents and elders were deciding and choosing what was best for them. The families did not have much money. Unlike the youths in the U.S., the youths in China are more focused on more of what they need. They want to figure themselves out and define who they are. They are finding more way to individualize themselves and be unique. Most consumers under the age of 28 are not good at saving money. This is because they figure that they will not have to worry about anything
It has been projected that in the near future the youth in China is going to be the main part of consumer spending in that country alone. The current population of the People’s Republic of China is estimated to be about 1,390,510,630. China’s population makes up around 19.3% of the world’s population (World Population Statistics, 2014). According to The Hindu (2014), the population in the age-group of 15-34 increased from 353 million in 2001 to 430 million in 2011. Every third person in an Indian city today is a youth (Shivakumar, 2014).
The most significant component to successful marketing is to gain the loyalty of the youth. Today’s consumers relate to brands that help define who they are and who they will like to be in the future. The youth in China are now deciding what they want for their own lives. In the past, their parents and elders were deciding and choosing what was best for them. The families did not have much money. Unlike the youths in the U.S., the youths in China are more focused on more of what they need. They want to figure themselves out and define who they are. They are finding more way to individualize themselves and be unique. Most consumers under the age of 28 are not good at saving money. This is because they figure that they will not have to worry about anything
References: Shivakumar, G. (2014). India is set to become the youngest country by 2020. Retrieved April 21, 2014 from http://www.thehindu.com/news/national/india-is-set-to-become-the-youngest-country-by-2020/article4624347.ece World Population Statistics. (2014). Population of China 2014. Retrieved April 21, 2014 from http://www.worldpopulationstatistics.com/population-of-china-2014/