16 Billion Spent on Slacking off: The ‘Lazy Economy’ in China Takes Off ??

A few weeks ago, the ‘laziest’ employee of Alibaba became popular on the Chinese Internet. His office desk was full of different ‘lazy products’, such as these Lazy horizontal glasses that allow users to read or watch television while lying down.

Actually, the laziest employee is the operator of a Taobao channel which exploits new and fancy products. To gain insights for user needs, it is necessary for him to try out these products himself and make detailed analysis on each item.

What are the driving forces behind this “Lazy Economy”?

• Buying Boom Driven by Chinese Young Generation

According to Alibaba’s newest “lazy” consumption report, last year Chinese consumers have spent RMB 16 billion ($2.31 billion) on products that cater to the lazy, a 70% (!) increase over the previous year. Young consumers born after 1995 made up for the biggest portion of that growth.

Young people born in the 1990s make up 15% of China’s population, and those born in the 2000s 21%. The new generation grows up in an era of technological advances and rapid improvements in life quality. They expect instant satisfaction and look for convenience, quality and variety.

The needs of young people seeking more convenience have even expanded the market for new types of products and services. From booking house-cleaning to doctor appointments, almost everything can be ordered and paid online in major Chinese cities.

According to Taobao report, the younger generations are paying more for optional lifestyle products than necessities. Some top-trending products on the site include one-swipe eyeshadow palettes, a fuss-free instant hot pot, gamer chairs and smart home appliances, such as automated cooking machines and robotic window-cleaners.

• A New Consumption Era

Finding solutions for daily life problems through the Internet has become a habit of thinking for young Chinese people. This thinking habit has contributed to the “lazy economy” to some extent. More and more young people are living alone nowadays. It is common that they might often encounter that things cannot be done by themselves, such as transporting heavy goods and the feeding of pets during their business trips. Compared with asking friends for help in the past, young people feel more comfortable with buying services directly.

“Lazy economy ” actually reflects a relationship between supply and consumers’ demand. It is the result of people’s pursuit for an efficient lifestyle, and it drives the reallocation of resources in the market. Today, young people in China are increasingly favoring service consumption in exchange for leisure time and saving time costs. As a result, an immediate and fragmented mobile consumer experience has gradually become a demand for young people.

The “lazy economy” is providing more and more convenience to consumers, and it is an inevitable trend of economic development in China. All kinds of signs show that the consumption pattern of the new generation consumers in China has changed dramatically, and the new era of consumption is approaching.

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