Looking beyond Kung Fu and Noodles: Drivers of the Chinese and Chinese diaspora consumer markets
Consumer habits in China and Chinese diaspora markets are rapidly developing, presenting a contrasting picture in terms of attitudes and priorities. This is prompting brands to look beyond Chinese stereotypes.
In 2009, China supplanted the U.S. as the world's largest automotive market1. More recently, at the end of 2012, a report from Bain & Company, the consultancy, revealed that a sustained boom in demand for high-end goods across China has elevated the country to the position of the world's largest luxury market2. In the area of technology devices, China's mobile phone penetration is almost 100 percent, with close to 40 percent of consumers owning a smartphone. This in itself is fundamentally changing how consumers in China are engaging with brands, especially at the point of purchase3.