EDGE Looks to China

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.

Hong Kong Causeway Bay Fashion Walk, Wikimedia Commons
Hong Kong Causeway Bay Fashion Walk, Wikimedia Commons

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.

On The Streets of Shanghai, flickr.com
On The Streets of Shanghai, flickr.com

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!

Feature Image: Nanjing Road Retail District, Shanghai China, Wikipedia

Source:   Chinese Consumers, Doing It Their Way, Jan 25th 2014 | MIANYANG AND SHANGHAI | The Economist

Find more stories, features, images, videos, and Looks of EDGE on our websiteand social media platforms.  Connect to EDGE’s world!  Like us on Facebook, follow us on TwitterInstagram, and YouTube.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s