Changing Consumer Behaviour in China
Chinese consumer behaviour is evolving rapidly, driven in part by increased exposure to social media and its in daily life. With estimated annual sales of over US$5tn, China’s market has become the world’s largest and one of the most complex, as different groups and regions have different needs and may experience different trends.
Galvanised by fast rising disposable incomes, consumers have become increasingly savvy and sophisticated, expecting more in customer service and product quality. Driven by women and men in their late 20s and early 30s, they tend to be better educated; save less than older consumes; priortise value quality, authenticity and originality; and often like to shop online. As China continues its transition to an economy powered by domestic demand, its appetite has grown for ‘safe’, premium goods and services.
To help us understand these trends and strategies to adopt and adapt to the market transformation, Asia CEO Forum stalwart Magnus Olsson, H&M’s Manager for Greater China and Southeast Asia will lead our discussion. They will share their extensive experience with engaging consumers in China, including what’s worked and what hasn’t.