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Relevant strategies for new consumers
By Ding Yining |
00:55 UTC+8 September 26, 2012
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Print Edition
Print Edition
CHINA will have about 400 million consumers with annual income above 106,000 yuan (US$16,000) by 2020, and this development suggests that new marketing strategies more relevant to consumers' personal needs and demands will be needed, an industry report said.
The "new mainstream consumers" will make up 51 percent of China's city dwellers by 2020 against 6 percent in 2010 if China's growth unfolds as projected, McKinsey & Company said in its annual Chinese consumer survey.
These consumers are becoming more self-indulgent, more individualistic in spending and more loyal to certain brands, the report, based on McKinsey's survey which covered 10,000 people in 44 domestic cities, said.
With a higher annual income the new mainstream consumers are more sophisticated and cared less about factors such as low prices in their shopping decisions.
They're also more than 50 percent likelier than the mass consumers, defined by McKinsey as those with annual household incomes of between 37,000 yuan and 106,000 yuan, to consider emotional benefits of the products they buy as they're more concerned with showing their individuality.
"Capturing the rising generation of consumers over the next decade will require ensuring that products and marketing strategies are relevant to consumers' personal needs and wants," Max Magni, partner and head of McKinsey' consumer practice in Chinese mainland, Hong Kong and Taiwan, said.
The "new mainstream consumers" will make up 51 percent of China's city dwellers by 2020 against 6 percent in 2010 if China's growth unfolds as projected, McKinsey & Company said in its annual Chinese consumer survey.
These consumers are becoming more self-indulgent, more individualistic in spending and more loyal to certain brands, the report, based on McKinsey's survey which covered 10,000 people in 44 domestic cities, said.
With a higher annual income the new mainstream consumers are more sophisticated and cared less about factors such as low prices in their shopping decisions.
They're also more than 50 percent likelier than the mass consumers, defined by McKinsey as those with annual household incomes of between 37,000 yuan and 106,000 yuan, to consider emotional benefits of the products they buy as they're more concerned with showing their individuality.
"Capturing the rising generation of consumers over the next decade will require ensuring that products and marketing strategies are relevant to consumers' personal needs and wants," Max Magni, partner and head of McKinsey' consumer practice in Chinese mainland, Hong Kong and Taiwan, said.
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