Chinese consumer behavior 2014
Posted on 31 January, 2014 by CDPX
The “2014 China Luxury Forecast” also found that 36 percent of mainland Chinese and 34 percent of Hong Kong respondents prefer to shop for luxury products online.
Chinese consumers list poor customer service and inadequate knowledge among retail staff within the country as their primary motives for shopping abroad.
However, the boutiques are considered the most important status symbol for luxury brands and they still remain “the most preferred shopping channel for Chinese luxury buyers,”
In other words, it seems to me that an extraordinary user interface via the Internet will be the main selling point in 2015, especially for the UHNW segment.
Additionally, fashion and beauty are on the upswing as preferred categories among mainland Chinese consumers, which will allow luxury brands to hone their retail presence with greater efficacy.
China has changed. “Made in China” is being replaced by “Made for China”. In order to really thrive in this market, foreign companies have to truly understand the needs and changing characteristics of Chinese consumers, and produce quality products and services to meet these needs.
The Chinese are now looking for subtler ways to signal their status by avoiding brands that have loud logos.
SOURCE Ruder Finn Asia