Year of the Monkey: Retail Trends and Challenges in China
A year of change for the Chinese market.
The year of the monkey will be one of change for the Chinese market, according to this new WPP report. While the Chinese are slowing down as manufacturers, they are speeding up as consumers—and showing an incredible thirst for foreign brands. This is not to say the economy continues to accelerate at the rate it once did. In a slower moving economy with a lack of confidence in domestic goods, there’s bound to be some upset in their market. The WPP report predicts some domestic brands may perish and a change in marketing tactics will be required for international and local brands alike. “Slower growth, coupled with volatility on the stock markets, means there is pressure on consumer confidence and spending, and that means only the strongest brands will now benefit from China’s growth,” the report declares.
Price control, mobile commerce, and online to offline (O2O) sales growth are big concerns for the coming year, particularly in the health, wellness, and baby product markets.
With an office in Shanghai, as well as Singapore, POSSIBLE looks forward to addressing the challenges of the market and continuing to grow business throughout Asia. Look for more POSSIBLE insights on China and APAC next month from Stream Asia.