CIIE: Corporations and Generation Z navigate their shared future

CGTN | 11-Nov-2021 | Yang Di

Somewhere deep within the China International Import Expo (CIIE) venue in Shanghai, a Lego tree sharply contrasts the traditional hands-on philosophy with a plethora of exhibits promoting the future hands-free lifestyle.

With the iconic Danish firm still atop global toymakers, generations to come will surely delight in building with their colorful plastic bricks, but the many techie products being showcased here, including digital currencies, driverless cars and robotic arms may harbinger future sales strategies revolving less and less around human touch. Across generations, certain things have evolved quickly and others not at all. The CIIE brings together representatives from both camps in ways that amaze. For instance, old-school stationery co-exists with digital writing tools, high-tech skiing equipment shares attention with VR simulators, and driverless cars pose alongside manned vehicles.

The CIIE can often feel like a time capsule, fast-forwarding to future editions of our lives. Naturally, showcasing companies bear today’s consumers in mind, and Generation Z – born from the mid-1990s to 2010 – will be their bread and butter in a decade’s time. The fair-like business event therefore offers an opportunity for these prized consumers to size up their suitors.

It’s also a time for businesses to better understand their prey. For Generation Z, the pandemic became a test case, and by observing their adaptability, businesses can ponder their responses. Many things may not evolve as predicted. The youthful thirst for free expression must not be underestimated, even during a global health crisis. Masks are now the canvas for expressive graffiti, inspiring not only scented mask stickers (see below), but also transparent masks that protect without concealing facial expressions. The lesson for corporations is clear: young generations value the connection between purchases and self-affirmation more than ever. The CIIE is overflowing with firms eager to incorporate internet connectivity into their products through the so-called Internet of Things, but they must not overestimate young people’s zeal to abandon anything “not on the cloud”.

Pushed ever-deeper online, youth who’ve only known the connected world have adapted quickest. And despite the irrefutable success of dating apps, Zoom meetings and AI-based smart-fitness mirrors, worldwide outcries over lockdowns prove that certain aspects of life remain beyond the digital, even for them. Businesses have been wise to devote investment to virtual reality, but it would still be a mistake to neglect emerging offline opportunities.

Vaccine contempt confirms that generational change cannot curtail the self-perceived invincibility of youth and the YOLO spirit. To wit, the gig economy only renders more urgent the question of how Gen Z will cope with retirement. With corporate pensions now a distant memory for the self-employed, will young people adequately prepare? Managing the financial health of free-spirited youth may prove a robust business model, despite the finance industry having been slow to the digitization party. How will businesses reckon with these trends? The clues they’ve provided at the CIIE suggest that they’re moving briskly in search of inroads with coming consumer generations. Will today’s young be convinced of a future pieced together from today’s offerings? As of 2021, it’s still too early to know whether businesses betting on the status quo or those piling into potential game-changers will be the ultimate victors.