Chinese shoppers focus more on pric

Chinese shoppers focus more on prices

Chinese consumers are becoming more price conscious, less brand-loyal and generally harder to please, according to a McKinsey survey that suggests increasing competitive pressures in the Chinese consumer goods market.
The report comes at a time when many multinational companies are counting on strong Chinese domestic demand to make up for global economic weakness.
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Last month, retail sales in China grew by 23 per cent year-on-year and consumer activity remains “buoyant”, despite signs of a slowdown in sales of some items such as cars, says Jing Ulrich of JPMorgan Securities.
But consumer goods companies will have to work harder to satisfy “increasingly discerning and sophisticated” Chinese consumers, the report says.
“This is not an easy market,” says Max Magni of McKinsey in Shanghai, one of the authors. China is still a gold mine, but now there are thousands and thousands of miners that have discovered it.”
The conventional wisdom that Chinese consumers are more brand-driven than shoppers in more developed markets remains true. “But the importance of brands, and brand loyalty specifically, is falling as the choices facing consumers multiply,” the report said.
Chinese shoppers are markedly more value-conscious than last year, and loyalty to particular brands is waning: the proportion of consumers who said they would continue to buy their existing food and beverage brand has halved.
But the weakening of brand loyalty could be good news for foreign companies, the report says, because shoppers are less nationalistic in choosing a brand: a small majority of those surveyed showed no clear preference for brand origin.
And premium brands could also benefit from a willingness to pay more for high-end products. The top 15 per cent of consumers will pay 60 per cent more for high-end consumer electronics, and 300 per cent more for some personal care products. If the trend continues, “it will lead to the kind of polarised consumption patterns familiar in the West”, between “no frills” goods and high-end products, the report says. Companies should compete at one or both ends of the market – but avoid being stuck in the middle, it advises.
Companies needed to differentiate more between regions too, the report says, noting that the traditional marketing strategy of classifying consumers by the size of the city they live in may no longer work.

Kết quả (Việt) 1:

China shopping more focused on price Chinese consumers are becoming more price conscious, less loyal to brands and are often more difficult to please, according to a McKinsey survey suggests that household increased competitive pressures on the consumer market in China. the report comes with a time when a lot of multinational companies are counting on Chinese domestic demand strong for weakened global economy bridge. more on this story works 'Reshoring' comments from China will not happen China names new financial adjustment Overview of high stakes in the backroom battle Leaders focus on the next generation Chinese leaders beyondbrics dance iN CHINA China denied market regulation leading Chinese conflict succeeded Mao statue in China face N Korea test pressure between the United States U.S. China accuses 'militarising' the island Register now firstFT new FirstFT we needed daily email briefing at the best stories from the web last month, retail sales in China grew 23 parts percent year on year and consumer activity remains "well", despite the signs of a decline in sales of some items such as cars, said Jing Ulrich JPMorgan stock. But leading companies consumers will have to work harder to meet Chinese consumers' increasingly sophisticated and complex, "the report said. " This is not an easy market, "said Max Magni at McKinsey in Shanghai , one of the authors. China remains a gold mine, but now there are thousands and thousands of miners have found it. " the conventional wisdom that Chinese consumers have more injuries brand-oriented shoppers than many market development is still true. "However, the importance of brand and brand loyalty in particular, fell like the choice facing consumers workers, "the report said. the Chinese are buying significantly more value conscious than last year, and brand loyalty with special waning: the proportion of consumers who say they will continue bought their current brand of food and beverage was halved. But the decline of brand loyalty can be good news for foreign companies, the report said, because buyers shopping is less ethnicity in choosing a brand: a small majority of those surveyed showed no clear preference for the original brand. And luxury brands can also benefit from an available feel free to pay more for premium products. Top 15 percent of consumers would pay 60 percent more for high-end consumer electronics, and 300 percent more for some personal care products press. If the trend continues, "it will lead to the kind of polarized consumption patterns familiar in the west", between the "no frills" goods and high-end products, the report said. the company should edge compete in one or both ends of the marketplace but avoid being stuck in the middle, it consulting. the company needed to differentiate too much between regions, the report said, noting that marketing communication strategy consumer classification by the size of the city they live in may not work.

Kết quả (Việt) 2:

Chinese shoppers focus more on price Chinese consumers are becoming more price conscious, less brand loyalty and are often more difficult to please, according to a survey by McKinsey shows that increased competition pressure competition in the consumer market in China. the report comes at a time when many are multinational companies based on strong domestic demand in China to offset the global economic weakness . Many oN THIS STORY opinion 'Reshoring' jobs from China will not happen , the Chinese name of new financial management Overview Weather high stakes in strategic leadership Focus on the next generation of leaders Central beyondbrics jump Nations in China China rejects regulating the market leading China clash on statue of Mao's successor China face N Korea tests amid US pressure on the Americans accuse China ' militarising 'island Sign up now firstFT firstFT new is necessary daily email briefing our best stories from around the web last month, retail sales in China grew 23 percent compared the same year and consumer activity remains "well", despite the signs of a decline in sales of some goods, such as cars, said Jing Ulrich of JP Morgan Securities. But consumer goods companies will must do more to meet consumers' increasingly sophisticated and subtle "of China, the report said. " This is not an easy market, "Max Magni at McKinsey in Shanghai, a the authors said. China is a gold mine, but now there are thousands and thousands of miners have discovered it. " It is common that Chinese consumers are more brand-oriented than buyers in more developed markets is still true. " However, the importance of the brand, and loyalty merchants specific performance, falling like the choices facing private consumers, "the report said. China's consumption is significantly more value conscious than last year, and loyal to brands weakening its own: the proportion of consumers who say they will continue to buy their existing food and beverage brands halved. But the decline of brand loyalty can be good news for foreign companies, the report said, because fewer ethnic shoppers in choosing a brand: a small portion of those surveyed showed no clear preference on brand origin . And the luxury brands can also benefit from the willingness to pay more for premium products. Top 15 percent of consumers would pay 60 percent more for consumer electronics senior , and 300 percent more for some personal care products. If this trend continues, "it will lead to the kind of polarized consumption patterns familiar in the West", between "free style how "and the high-end products, the report said. the company should compete in one or both ends of the market - but avoid being stuck in the middle, it is recommended. these companies need to differentiate more between regions too, the report said, noting that the traditional marketing strategy of consumers classified according to the size of the city they live in can no longer work.