Some analyses say that with a decline in exports because of the global financial crisis, China needs to put more focus on its domestic consumption - and that means developing or refining its domestic consumer culture. So what is China's domestic consumer culture like? What are the major influences? Where is it today, and where is it heading?
On today's panel:
Mike Bastin, Marketing and Research Methods Lecturer, Tsinghua University, Beijing
Ben Cavender, Associate Principal, China Market Research Group, in Shanghai
- Younger generation focused on spending and lifestyle, savings rates are on the decline in China.
- Foreign goods still perceived as better quality, safer, but Chinese goods are improving their image among Chinese buyers.
- The perception remains that foreign goods are better quality, safer, but Chinese goods are improving their image among Chinese consumers.
- In China marketing, over-reliance on TV commercials and under-reliance on digital marketing.
- Need more market research on consumer personalities in Chinese.
- How to look rich China-style: Buy a Starbucks coffee, save the cup, and keep refilling it with tea.