汇丰：“Z世代”正日益成为驱动新消费浪潮的核心力量

Core Insights - The Central Political Bureau of the Communist Party of China emphasized the need to effectively unleash domestic demand potential, with ongoing policy support expected to boost consumer confidence [1] - The retail sales of home appliances and audio-visual equipment, as well as furniture, have seen strong growth of 30.7% and 22.9% year-on-year respectively, driven by the old-for-new subsidy policy [1] - New consumption trends in China, represented by sectors such as tea beverages, trendy toys, light luxury goods, and pet products, are rapidly emerging and reshaping the market [1] - The "Z generation," born between 1995 and 2009, is becoming a core driver of the new consumption wave, contributing 40% of total consumption despite representing less than 20% of the population [1] - By 2035, the overall consumption scale of the Z generation is expected to quadruple to 16 trillion yuan, indicating significant structural growth opportunities as their purchasing power continues to rise [1]