Consumer confidence in China might be down, and massive youth unemployment hurts the economy, but not for all consumers gloom is the message. Marketing expert Ashley Dudarenok sees prospects for high-net-worth individuals (HNWIs) – compared to the middle class – within the luxury market, she tells in the Jing Daily.
Marketing expert Ashley Dudarenok picks five 2023 trends for luxury brands in China, from its ChoZan’s 2023 Mega Report. The first one: focus on your VIC’s, Very Important Clients. this and four more trends from the Jing Daily. Among them: expand the duty-free ecosystem, and adopt global pricing strategies.
Many brands got into hot water in China after the government started to crack down on online influencers and other celebrities. There is a way to avoid those influences and the risks they pose, says branding expert Arnold Ma in the Jing Daily. Also, non-fungible tokens (NFTs) and gamification should be avoided at this moment, Ma adds.
Decision-makers in China’s consumption are increasingly singles, with women becoming another major force to take into account, says marketing expert Ashley Dudarenok at the state-owned broadcaster CGTN. Mostly women decide on the purchase of a house, at the end of 2021 likely to be 82% of the deciding purchasers.
Cosmetics sold in China require up to May 1, 2021, animal tests to prove they are safe for consumers. Since their users required cruel-free cosmetics, foreign manufacturers had a hard time selling cosmetics to Chinese consumers. But times are changing, although only a little, says China-lawyer Mark Schaub in the China Law Insight in a review of upcoming legal change.