The results of the US election have once again thrust China’s rapid economic development to the top of the news agenda. But what really drives all those freshly minted Chinese consumers?
Being one of the first to have the latest and greatest gadget, get a table at one of the hottest new restaurants and sport the trendiest kicks – it’s something people in China thrive on. OK, it motivates the rest of us, too. But in the material world of China, especially the mega-cities on the east coast, it’s all about showing the rest of society how far you’ve come and how well you’re doing financially.
The more expensive the item and the more difficult it is to attain, the more desirable it often is to Chinese consumers. Increasingly, the product itself doesn’t have to be glitzy or glamorous, it just has to be considered cool by the masses, and that perception is often driven by advertising, sponsorship deals or endorsements. In the Middle Kingdom, more than ever before, products and brands thrive on the back of smart, strategic marketing, celebrity endorsement and captivating content running throughout social media. “Cool” products in China go a long way!