On February 10th 2013, Chinese consumers around the world will be welcoming the year of the Snake. It is believed that, like the Dragon, the Snake doesn’t settle for mediocrity. This I find is very representative of Chinese consumers’ values and attitudes to life.
Many Chinese consumers identify with values such as Wealth, Status, Power and Ambition. This is at the source of a strongly held view among consumers in China that owning nice things is an expression of success. It is this sentiment that underpins the explosive growth in prestigious brands and luxury goods in recent years. In short, the fact that Chinese consumers are driven by ‘Achiever’ values such as Success and Looking Good means they are continuously pushing forward to reach new levels of prosperity.
It is perhaps no surprise, then that 2013 is the year in which China is expected to make a historic shift to a consumption-driven economy, where consumer consumption trumps investment as a share of GDP growth. Given the comparably strong economic situation in which Chinese consumers find themselves, it is little wonder that Chinese consumers are considerably more confident than their global counterparts about their future prospects. This in return drives investment and demand for the future.
Many Chinese consumers are predicted to considerably increase their disposable income by 2020. This means that there will be a huge market of consumers with spending power waiting to be sold to. The opportunities for businesses are therefore many and varied, and too good to ignore for many companies. It is, however, important to understand that China is not a straightforward market to deal with – just consider the many physical and legislative barriers, as well the cultural and social diversity that have caused several international companies to pull out of the territory.
GfK Consumer Trends can provide you with the important information on consumer attitudes and behaviours in China. Our latest syndicated Need to Know report – ‘Truth behind the Myth: Understanding Chinese Consumers’ – provides insights and inspirations for you to takeaway. In this report we outline what marketers need to know, and consequently need to do, in order to succeed in this most important market.
For more information on purchasing a copy of this report please Contact GfK Consumer Trends here