Chinese Spending Habits - China - April 2015
“Chinese consumers are by no means ‘single minded’. They have developed sophisticated needs when consuming different categories which lead to varying preferences between Chinese and international brands. The key to the future success of Chinese brands lies in innovation and brand building while international brands will in general need to work to localise their product or service offerings to the particular taste and spending preferences of Chinese consumers.”
– Laurel Gu, Senior Research Analyst
Chinese brands are currently enjoying the advantage of being considered most “affordable”, “relevant” and “easy to use”. However, what is concerning domestic brands in general is that the association between Chinese brands and perceptions of “high-tech”, “luxury”, “exquisitely made”, “trendy” and “safe to use” are all very weak. As Chinese consumers are quickly gaining the means to pursue more premium products and services, it becomes critical for Chinese brands to improve themselves in these areas.
When it comes to international brands, Chinese consumers tend to think that brands from the US are most “high-tech” and “innovative” while French brands represent “luxury” and “trendiness”. Brands of German origin are perceived as “exquisitely made” and “safe to use” while food from Australia is thought be most “natural”.
It appears that Chinese consumers are not yet associating “good customer service” with brands from any specific countries. This might be an area of challenges and opportunities as well where both Chinese brands and international brands need to improve in order to stand out against the competition.
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