By Li Hong
China Business Council - January, 2014
China’s rapidly rising middle class is too important for any
multinational company to ignore. In 2012, nearly a quarter of the
population—or 300 million people—had “significant discretionary spending
power,” according to the consulting firm Dragonomics. And to tap into
the total financial assets of China’s middle class—roughly ¥1.3 million
($213,900) per capita, according to Forbes China—retailers are paying increasing attention to what China’s middle class wants.
Yet to succeed in China, marketers must keep in mind a few unique
characteristics of the country’s middle class. First, they have a strong
preference for novelty, which leads them to constantly seek out the
newest products available. Second, they are early adapters of new
technology and have embraced social and digital media. Finally, while
they enjoy the status conferred by luxury brands, they usually lack the
emotional ties that would lead to brand loyalty.
To read more....
No comments:
Post a Comment