Where are the new market opportunities for brands? A new report from McKinsey, proclaims that the Chinese have taken to consumerism in a way that would make your head spin and with an ease that would simply be unfathomable a few years ago.
The Chinese are embracing thousands of brands. Having said this, the growth of the market and changes that this growth is bringing is leaving all but the nimblest of companies breathless.
As McKinsey’s 2011 survey of Chinese consumers highlights, China is facing rising inflation, although Chinese consumers are more confident this year than in 2010 about their financial prospects.
For global marketers, take note of the fact that although brand awareness is rising, there seems to be little sign that brand loyalty is following suit. In fact, more and more consumers are choosing among a growing number of favorite brands.