Author(s): Juan Gloria Meng, Kristin Scott, Ann Kuzma,
Purpose- China is one of the most important markets for consumer goods in the world (Zhou et al., 2010). Companies wishing to compete in the Chinese market will need to understand economic, societal, and demographic changes influencing consumers and their buying behavior (Atsmon & Magni, 2012). Despite the significance of China and the importance of the Chinese consumer, more research is needed to understand the cultural influences that can impact consumer behavior, especially as they relate to the American culture. In the current research, we investigate how values, aspirations, and self-esteem compare between Americans and Chinese among the Millennial generational cohort. Design/methodology/approach-Data were collected through a Qualtrics panel which specified an age range of those born between 1992 – 1996 and resulted in a final sample of 244 for the American sample and 266 for the Chinese sample. The survey took approximately 15 minutes and included measures for Schwartz’s List of Values, the Aspiration Index, self-esteem, and demographic questions. Findings-Comparing the two cultures shows that Americans Millennials are higher in the values of self-direction, benevolence, and stimulation and have higher aspirational goals of self-acceptance. In contrast, Chinese Millennials have stronger values in power, conformity, andsecurity and have higher aspirational goals for financial success. Moreover, the conservation value dimension and self-acceptance aspirations lead to self-esteem for Americans. For Chinese, in comparison, the self-transcendence value dimension and community feeling aspirations lead to self-esteem. Americans had higher levels of self-esteem overall compared to Chinese. Originality/value-This research makes several key contributions to the literature on generational cohorts and cultural similarities and differences between two divergent cultures – Americans and Chinese – among an important younger generational cohort - Millennials. Understanding these differences in concepts such as values, aspirations, and self-esteem is important as these two societies continue to have important cultural and economic impacts on the global economy.