Thursday, 12 January 2017

Anatomy of the Chinese consumer

12 fun facts: did you know Chinese consumers had this in mind?*

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  • To get rich is glorious: 96 per cent of respondents saw a stable or increasing annual income in 2016 compared to 12 months ago
  • Hard assets: the biggest concern currently is on real estate prices, over job security, medical costs, education costs or terrorism
  • Chasing momentum: Wealthier individuals tended to be more adventurous in trading short term. 35 per cent of respondents with annual income over RMB200k chose to buy what goes up and sell within a few days
  • Take it from me: three quarters of respondents turn to friends for investment advice; more than half rely on friends for fashion trends; half trust their friends’ recommendations when buying infant formula
  • Foreign role models: only 6 per cent of respondents consider Chinese brands are better than imported brands in food and personal care; 94 per cent consider foreign brands are significantly better, slightly better or of similar quality
  • That’s the spirit: 44 per cent of respondents do not drink Chinese spirit Baijiu (so the majority does!)
  • A dairy healthy diet? The fastest growing food & beverage categories are milk, yoghurt, bottled water and fresh food; the top factor that influences purchase of food brands is how "healthy" they are
  • I browse: 75 per cent of respondents will spend more time on WeChat in the future; 65 per cent will spend more on Taobao; 30 per cent are also considering purchasing a car online; only 3 per cent have never purchased food or personal care online
  • Time to travel: 70 per cent of respondents are passport holders but only 35 per cent have taken a trip abroad; the top five destinations are Hong Kong, South Korea, Macau, Australia and France
  • Experiential drift: a majority of consumers would rather spend on travel and entertainment rather than shopping, even abroad; nature/hikes and tasty food are more important factors than shopping in choosing the destination
  • Brands are over-rated: when purchasing cosmetics, product quality, suitability and ingredients trump the brand name; when purchasing a car, design is key, brand name is not
  • Speedy smartphone: half of respondents bought a smartphone in the last 12 months; 60 per cent will purchase a new one in the next 12 months

* Source: Responses from 2,000+ Chinese citizens interviewed as part of HSBC Global Research 'China: Anatomy of the Consumer' September 2016

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