Multinational corporations need to tailor their marketing strategies in response to the preferences of three distinct customer segments in China that are most open to buying foreign brands, according to new research released yesterday by global leading management consulting and technology services company, Accenture.
The survey indicated that the consumer segment most likely to purchase foreign brands was "Young Royals", which consists of young college-educated adults with high average yearly incomes of 221,268 yuan, who are extremely interested in the latest fashions and technology and testing new brands.
Two other segments likely to purchase foreign brands are the "Established Money", which consists of higher income men and women with average salaries of 134,343 yuan per year, who, like the "Young Royals", want the latest technology and exclusive products but their value brands have been on the market for a while.
"Aspirationals" - 91 percent of whom are young women who are highly brand-conscious - want to buy the latest and greatest goods but whose average comparatively lower yearly income of 94,666 yuan makes those products slightly out of reach.
The study was based on an online survey of 1,022 consumers in China in six major product categories, including home appliances, apparel, hi-tech, consumer-packaged goods, automotive and financial services.
Most consumers are college-educated and from urban areas with an average yearly income of 112,000 yuan, presenting the target audience that international brands would likely attempt to reach first in China.
According to the findings, the most predisposed Chinese consumers toward the purchase of domestic brands are: "Patriots", defined as 82 percent of male consumers with average incomes who buy Chinese brands out of a sense of loyalty to their country; and "Value Buyers", who prefer practicality over flash and value over exclusivity.
Source:China Daily
|
Comment
Tell A Friend
Print Format
Save Article