Sudden Rise in New Male Economy Surpassing Women on Online Sales in China
A new field of economic growth is in the middle of a sudden rise – the “Male Economy”. Could it be that the rate of consumption by men has finally surpassed that of women? It seems to be quite different from the Japanese society, where women’s perspectives are not considered. The news site “Toutiao” took up the issue. Let’s examine the details carefully.
Male customers’ low-value
According to the “2017-2018 Chinese Mobile E-Commerce Industry Research Report” released by the private research agency, iiMedia Research, the ratio of online shopping service users is inclined towards women – 42% male and 58% female. The number of female users of Tmall (Alibaba’s B2C site), Taobao (Alibaba’s C2C site), and Vipshop (4th in online shopping) is particularly high. The proportion of Vipshop’s female customers increased by 76%.
As women-driven consumer economies are penetrating, consumption by men seems to still be bound by traditional ideas. Compared to consumption by women, its value was regarded to be a notch lower. It was treated as being crude, and no one would bat an eye towards changing it.
However, as the disposable income of citizens increased, their ideas were released into freedom, and the components of social life became abundant. And so, men are awakening to their self-consciousness.
The awakening “Male Economy”
All sorts of data are used in verifying this. In January 2018, UnionPay (UnionPay Card) released the “2017 Mobile Internet Payment Security Survey Report”. According to it, in 2017, men spent an average of 5,000 yuan per month on online shopping, surpassing women by 0.8%. This situation will be the first.
Also, in the survey data of the Interactive Advertising Bureau, the ratio of men and women PC users of online shopping services were 57 men to 43 women. Again, for smartphones, it was 57 to 43.
Furthermore, in the Boston Consulting Group’s research, consumption by men is increasing in both variety and value, and the growth rate exceeds that of the consumption by women.
Men’s consumption consciousness has awakened and is waiting for many new markets to be discovered.
Men’s cosmetics, skincare grows
The markets that men have traditionally fancied up until now include PCs, cars, outdoor equipment, furniture, electronics, and games.
In mid-April, iiMedia Research and Vipshop jointly released the “Seed Post- ‘95 Generation Consumption Report”. It summarizes the consumption trends of the post- ‘95 generation (those born after 1995). According to a report, it is said that they can be distinguished clearly from those people born in other periods.
Between 2015-2017, men’s cosmetics grew at a pace of 60% per year on Vipshop. The skincare market is also on the same trend. In contrast to the overall growth of 11%, the growth in usage by men was 24%. The ones that towed it were the post- ’95 generation.
Also, 73% of men in tier-1 cities (Beijing, Shanghai, Shenzhen, and Guangzhou) think that appearances such as faces and fashion are extremely important for employment and dating. This figure rises to 83% between the age of 18-35 years.
AI-related and high-end products
Furthermore, as a striking trend indicated by the survey, there is a gender divide in the buyers of AI-equipped products such as smart speakers. Here, there is a great difference of 85% men vs. 15% women. Majority of women consumers are demanding fashionable appearances for such products as well. Men place emphasis on performance and aren’t very concerned with appearance unlike women. In other words, the outset of products is a male-oriented stage.
Another is luxury goods. Men prefer not only cars and digital products, but also selected items such as jewellery and wine and their brand loyalty is high. Even for brands such as Burberry and Coach, men’s products are exhibiting a high growth.
The main force behind consumption
In the report on financial affairs, male customers are expressed to become the “absolute lead” in consumption in the future. On the day of the Twin 11 (November 11th) sale, the ratio of men and women who borrowed to shop was 65 to 35. Multiple data sources indicate a sudden rise of the male economy.
As for Chinese offices, an equal number of men and women work. The proportion of college graduates is also on par. At home, women are firmly taking the initiative. In China, fights between couples aren’t private. We have watched many from afar, but we have never seen the husband’s side triumph. It is a very harsh environment for men.
Along with the growth of new fields of consumption, it looks like men are also smartly plotting their escapes from the yokes of their mothers and wives.
The Bottom Line
With the look of things, both men and women are taking action towards the issue on ground. In the long run, if both men and women are plotting smartly, there won’t be much difference in the percentage of consumption.