China Herald: Five new trends of Chinese consumers in 2013

Helen Wang

Preferences of Chinese consumers are changing fast and differentiating. Author Helen Wang of "The Chinese Dream summarizes the five most important trends for 2013. Certainly, China is going to be the largest e-commerce market in the world, she writes in Forbes.

Heleen Wang about the section of younger consumers:

Younger Chinese consumers are distinctive in their own right. They are more self-indulgent in their purchasing, more individualistic in their wants, and more loyal to their favorite brands. They are acting more like their developed country counterparts.

For example, 45 percent of consumers under age thirty-four surveyed in the McKinsey report said they spend on personal care products purely for their own enjoyment, compared with 37% of consumers aged 35-65 who said so. Unsurprisingly, younger consumers are also more Internet savvy. 44 percent of them said they need the Internet to help make purchasing decisions, while only 16 percent in the older age group depend on the Internet in their purchases.

2013 will be a big year. Not only will it be the largest e-commerce market, China will also likely to be the largest retail market in the world. In order to succeed in this must-win battleground, companies need to think out of the box, develop innovative products that are relevant to Chinese consumers’ tastes, and adjust their marketing strategies to reach diverse groups of customers.

More in Forbes.

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