Winning the wallet of today's Chinese consumers
A look at consumer buying preferences
Deloitte China has put together a thought leadership report about the brand preference of Chinese consumers, in light of our participation in the third Annual Asia Retail Congress 2010 in Hong Kong. Titled "Winning the wallet of today's Chinese consumers", the report aims to provide insights to companies that are planning to enter, or have entered China's retail markets. It focuses on consumer behaviour in different Chinese city tiers and examines the differences as well as similarities between tier one and lower city tier consumers. Based on interviews with around 2,000 customers in eight cities and separate interviews with a number of retail executives in China, the report found that Chinese consumers are becoming more sophisticated with value-for-money, replacing brand and costs as the key decision factor in retail purchases. Yet, it remains important for international brands to build up a large scale presence in top cities to maximize the marketing impact and pave way for their development in lower tier cities.