Chinese consumers become more sophisticated shoppers, companies are finding that brand prestige, product quality or even price no longer wield the influence they once did.
-To shop is to socialize- China is the world’s largest digital consumption market: 851 (US$ billion) (18.7x other leading countries) Online shopping population: 460 million (9.4x other leading countries)
60 percent of the consumers we interviewed spend over three hours on sports or fitness every week. 38 percent are members of sports clubs
47 percent of consumers we interviewed admitted they barely used the products they bought after a certain period of time. 63 percent have given products a second life by using second-hand trading platforms.
China is rapidly entering a new age of consumption. As digitalization continues, new spending power is emerging. So are new consumer behaviors and expectations, new consumption models, and new opportunities to deliver differentiating products, services and experiences. To thrive in the years ahead, companies must have an understanding of the economic drivers, generational differences and trends shaping China’s complex and fastchanging consumer market. Only then can they effectively pursue opportunities to drive growth and competitive advantage. We believe three opportunities in the areas of customer experience, fitness and sustainability hold particular potential. There are many more. Regardless of the engagement strategies companies choose to pursue, certain universal principles apply. In China, as in other markets, it is brand trust, convenient experiences, and differentiated value propositions that will win consumers in the New.
published by Accenture