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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	11/7/2011 1:23:12 PM
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China’s confident consumers A survey highlights how fast the market is changing. November 2011 • Yuval Atsmon and Max Magni Source: Marketing & Sales Practice The Chinese have taken to consumerism with ease, embracing thousands of new products, services, and brands. But the flipside is that the Chinese market changes at a speed capable of leaving all but the nimblest of companies breathless, as McKinsey’s 2011 survey of Chinese consumers highlights.1 Three findings stood out. Even in the face of rising inflation, Chinese consumers are more confident this year than in 2010 about their financial prospects. Among urban consumers, the number of first-time buyers—a group that has been a major driver of category growth in China—is declining. Finally, although brand awareness is rising, we see little sign that brand loyalty is following suit. In fact, more and more consumers choose among a growing number of favorite brands. These and other findings from this year’s survey have clear implications for companies seeking to capture the next wave of consumer-spending growth in China. Any broad-brush approach to winning consumers’ rising spending power will miss the mark. mckinseyquarterly.com

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