Need to Know
31 : 08 : 23

Global – Is your business looking to accelerate business growth and innovation in China? On 30 August 2023, The Future Laboratory and our China specialist sister agency Hot Pot China co-hosted a webinar sharing key insights and how-tos geared towards businesses targeting the Chinese market.

Jonathan Travers-Smith, founder and CEO of Hot Pot China, kicked off the session with an insight-packed presentation focused on three key aspects to supercharge growth in China: the imperative to understand Chinese consumers, the localisation of brand messaging for the market, and lastly the challenge of channel selection.

The Future Laboratory’s co-founder and chief creative officer Chris Sanderson hosted a panel discussion with leading industry professionals to further unpack how businesses can apply these lessons to thrive in the Chinese market.

‘China is extremely competitive, estimated to be four times more competitive than more established Western markets,’ stressed our panellist, former APAC brand and digital director at Pentland Brands, Jessica Linsen. For more insights helping you get that competitive edge in China, you can access the recording of the full webinar on LS:N Global.

US – In its 2023 Young Investor Research report, US Bank reveals how American Gen Z, in contrast with their elders, define wealth as more than financial security. The survey asked 3,000 active investors, and 1,000 aspiring ones, to select up to three options on how they define wealth. Some 38% of Gen Z respondents defined it as ‘having a better quality of life’. Being financially secure only came in second place (36%), followed by ‘living life how I want’ (28%).

Among Baby Boomer respondents, 61% agreed that wealth is simply having financial security. Their second-most standard answer was ‘having good health’ (33%), followed by ‘being able to afford what I want, not just what I need’ (28%).

According to Gunjan Kedia, vice-chair of wealth, corporate, commercial and institutional banking at US Bank, American youth face multiple financial challenges on top of a general cost of living crisis, which could explain why their definition of wealth differs. In the report, she mentions college tuition costs have increased by 169% since 1980, home prices have risen by 540%, and the average student loan borrower carries £29,280 ($37,000, €34,000) in debt.

In our analysis of the Money Market for Gen Z, we previously highlighted how this generation of pragmatists have a conservative approach to spending that is offset by a progressive view of financial technology.