Opinion: Catering to China’s millennials | The Daily Beacon

If you believe there is little need to understand the mindset of China’s millennial generation, consider the following statement from a report by consulting firm McKinsey & Company: By 2015, China will account for over 20 percent of the global luxury market, overtaking Japan as the world’s largest luxury market. China’s youth is leading consumption, and this trend is likely to endure as China’s economy continues to grow. As a result of economic growth, Chinese millennials have more money to spend and fewer reasons to save. In addition, China’s increased exposure to globalization and modernization is bound to prod the Chinese millennials to push the political envelope. This means that understanding the mindset of the current young-adult Chinese generation is vital to future Sino-U.S. Relations and the world economy at large.