Study offers consumer shopping trends
Print Edition
CHINESE consumers are increasingly buying quality goods at higher prices, embracing online shopping and using social media to gather product information, a joint study report said yesterday.
The 2013 China Consumer Market Strategies, the third of its kind based on a survey of nearly 90 Chinese and multinational companies, measured how they ranked seven major trends by importance and how they responded to them.
Conducted jointly by Booz & Co and the American Chamber of Commerce in Shanghai, the report revealed that for the second year companies ranked the evolution of consumers from price-driven to value-driven buyers as the top trend driving their China market strategy. Chinese consumers, particularly in gateway and second-tier cities, are seeking greater reliability, consistency and integrity in consumer products.
“As China’s consumer market matures, Chinese consumers in developed cities and regions continue to trade up in their purchasing choices, presenting companies with opportunities to build products and brands that could deliver great value,” said Adam Xu, director of consumer and retail practice at Booz & Co. “However, to capitalize on this trend, companies will need to strengthen their capabilities in innovation and branding.”
The rise of e-commerce and increasing integration of social media into the daily lives of consumers was ranked as the second key trend.
“With the rise of e-commerce and social media, online marketing channels and Internet forums offer a platform for consumers to gather the intelligence they need to make informed purchasing decisions,” said Robert Theleen, chair of AmCham Shanghai. “Companies must develop targeted strategies and China-specific capabilities that enable them to respond.”
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