by Fons1 via FlickrDespite the financial turmoil, the Chinese consumer trust in the brand ‘America’ is still undented, says Shaun Rein, director of the China Market Research Group (CMR) in The Economic Times. While Chinese take their money out of the Citigroup banks into the Bank of China as a result of the financial unrest, trust for consumer goods is still high, Rein says based on own research.
Despite the turmoil, trust in American consumer brands is at an all-time high due to China’s contaminated milk scandal, which led to more than 53,000 children falling ill, said Shaun Rein, managing director of China Market Research Group.
“They feel there is better quality control, people aren’t going to cut corners, put in bad ingredients in order to make money,” Rein said. “So on the consumer side, that ‘Made in America’ label is still very powerful.”
But at the same time, confidence in US financial institutions has plummeted, Rein said, citing surveys his firm conducted in 10 cities across China.