Chinese consumers hold foreign brands in high esteem. “In the 1950s and 1960s the world economy was transformed by the emergence of the American consumer. Now China seems poised to become the next consumption superpower. In all likelihood, it has just overtaken Japan to become the world’s second-biggest consumer economy. Its roughly $3.3 trillion in private consumption is about 8% of the world total, and it has only just begun”, Chinese Consumers, Doing It Their Way, The Economist.
Chinese are the largest e-commerce consumer, luxury brand consumer, and are #1 in shopping abroad. When they travel, they bring an empty suitcase.
The article, Chinese Consumers, Doing It Their Way, states that Chinese online awareness has big implications for social media. They rely heavily on peer reviews. Research by BCG [The Boston Consulting Group] has shown that they write, and act on, online reviews of products and services far more than Westerners do. Andrew Keith, the president of Lane Crawford, believes that the Chinese market, unlike those in Western countries, is driven by young urban consumers who are demanding something new and have no taboos.
What does this mean for the EDGE designer and retailer? Be engaged with the global market at large. It, too, is demanding something new. Understand and act on how it fits within the vision or strategy of your business. Embrace the opportunity!
Share a comment or perspective regarding this post or comment on EDGE. If your are part of the fashion industry, take the EDGE survey. Click on the “survey” menu above.
Source: Chinese Consumers, Doing It Their Way, Jan 25th 2014 | MIANYANG AND SHANGHAI | The Economist