How to grow via premiumisation
This article is part of a series of articles on premiumisation. Read more.
Need to know
- Chinese brands are increasingly focusing on premiumising their offer, both domestically and internationally.
- Haier is a Chinese export success story which has become the world’s biggest retailer of domestic appliances.
- The company’s IoT ecosystem is making a major contribution to its brand value and encouraging consumers to stick with the brand.
- Brands that want to premiumise need to focus on both consumer perceptions and their own behaviour to build trust and reputation.
Everyone knows China is getting richer. A greater number of wealthy consumers has created an opportunity for premium brands from around the world to grow in China. Witness the success of brands such as LVMH, for example, which now gets a significant proportion of its revenues from Chinese consumers.