The Chinese Consumer - China - April 2018
“Thanks to a more solid performance in China’s economy in 2017, consumer sentiment is starting to move away slightly from the prudence and caution seen in the same time last year. However, consumers are unlikely to change their habit of spending in a smart way. Value for money will continue to be a key consideration when people shop. This has less to do with low prices but is more about not leaving people with the feeling of being ripped off. Just as expensiveness and exclusivity no longer define aspirational brands, fancy but lazy marketing is no longer effective in winning customer favour compared to investing in better products and services.
Consumers are attaching more importance to personal satisfaction at work, and the need to protect their privacy. There is also a rise in national pride, reflected not only by a stronger confidence in and willingness to spend on Chinese brands, but also by calling out for bringing back traditional culture and heritage. These are providing new opportunities for brands to market themselves and engage today’s Chinese consumers.”
– Ruyi Xu, Director of Research