Even though China is still the land of imitation designer goods, things are changing in this communist nation. Business is becoming more westernized and so are the ways goods are marketed and purchased. Gone are the days of cheap imitations. The younger generation is prospering and they want internationally recognized goods as a way to show their prosperity and status. The Chinese culture is changing. They now have a Generation Y, which is a product of the one family, one child system meaning a single child grew up as sole recipients of their parent's attention and income.
One company cashing in on this Generation Y is a company called Tencent. Tencent is an instant messaging company that has acquired 60% of the market share in China. It derives a large part of it revenue from the sale of avatars and cartoon characters, allowing users to adopt a 'personality' online.
Few companies in China have had the success as Trancent has. Market saturation is low and they have a better opportunity to build the brand in an emerging market. Generation Y needs social contact with friends and family, so communication and social connections are very important. Microsoft and Yahoo are recognizing this opportunity and partnering with Chinese company's to try to achieve a part of this growth. The cultural change Chinese market has caused this new consumer behavior with Generation Y.
The author is writing this paper as they want to show how the changes with the younger generation from one child families in China have caused a huge growth in consumer behavior. This has caused an explosion in sectors that are important for this generations needs. This cultural change has caused other countries to market and focus on Generation Y in China. Not only this, but the author...