Part Three: Meet the 2020 Chinese Consumer
In part one, we discussed the Consequences of ’NOT’ Understanding your Target Audience in China and learned more about how to avoid some of the common mistakes when entering the Chinese market. In part two, we talked about the Changing Demographics in China and how that will shape the 2020 Chinese Consumer.
In part three, we will take a little rest from reading and look at some infographics. Part one and Part two were over 2,700 words, so I thought less text and more visuals. So, without farther ado, I give you the 2020 Chinese Consumer:
McKinsey Consumer & Shopper Insights – Meet the 2020 Chinese Consumer
The next few pictures are taken from the McKinsey Consumer report titled Meet the 2020 Chinese Consumer. The report is a 44 page document about the 2020 Chinese Consumer and I recommend you read it because there is a lot of useful information.
GetChee is a data services company. They use GIS technology to help retail and bank brands thrive throughout emerging markets in Asia. They put together this great infographic about how the 2020 Chinese Consumer will change in the next 7 years.
Final Thoughts on the New 2020 Chinese Consumer
After reading and looking at all three parts, we can start to see a bigger picture. The 2020 Chinese Consumer is becoming more mainstream, educated, and independent. They are starting to gain more purchasing power, searching out brands and becoming loyal.
The next opportunity for marketers is capitalizing on the 45% of Chinese consumers that are entering the “Mainstream”, brands that are successful at turning them into loyal consumers will have a greater chance of surviving and thriving in China. As they move from “Value Consumers” to “Mainstream Consumers”, foreign and local brands will enter into an already fierce battle for brand loyalty.
Understanding your target audience is becoming more and more important and understanding the changing demographics is the first step in winning the war.