How to justify 'premium' for the emerging affluent Chinese consumers?
By any definition or calculation, the number of affluent Chinese consumers is growing. The implications of this are many and varied, however one cannot simply apply learnings from other developing economies and expect to succeed in China.
The scale and unique nature of the rising affluent class in China makes it vital that marketers understand the mindset of wealthy Chinese and engage with them accordingly.
In this article the consumer group defined as "high income" does not refer to the "super-rich" moguls often featured in Forbes and the Hurun Rich Lists, but is instead refer to the emerging affluent consumers whose income level rank within the top one third nationwide in China from BrandZ, the biggest brand equity database in the world. BrandZ research has been established in China since 1998 and covers nearly 30 categories, with interviews among 40,000 targeted Chinese consumers every year.