American business owners who are looking to make inroads into Chinese markets need to keep the changing pace of China’s economy in mind when they decide how to approach marketing consumer goods. There are a few market trends that are worth keeping an eye out for in the coming decade. Read on to start learning about them now.
A Growing Middle Class
As the middle class continues to grow and thrive, household consumption is expected to rise by an average of 6% annually in the coming years. This will offer a larger number of families the spending money they need to purchase more consumer goods and services. China’s government is fully in support of transitioning to a consumption-driven economy, so foreign business owners should realize that now is the chance to make the jump and start selling in China.
An Aging Population
As with many other countries across the globe, China’s population is aging. In just nine years, around 22% of the country’s population will be more than 60 years of age, which opens up entirely new markets for age-appropriate products and services. Companies selling senior care products or services will likely find their goods in high demand.
As China’s youngest residents begin to come of age and enter into the workforce, they can be expected to consume digital products and services at higher rates than their predecessors. Modern Chinese children and adolescents expect more convenience, quality, variety, and customization and are more open to trying new things. This offers a perfect opportunity for savvy business owners to capitalize.
Today’s consumers have already grown used to personalized marketing content but over the coming years, this will likely become the norm among products and services as well. Niche brands producing high-quality customized consumer goods will have an edge over their more traditional and less personalized competitors.
The Importance of Data
The only reason that experts are able to predict marketing trends for the coming decade is that they know how to leverage data. However, the analytical capabilities of many of China’s data collection companies is still lagging behind those in the west, leaving room for international companies to pick up the slack. Regardless of what kind of businesses readers own, China DR Solutions offers valuable insight into how they can ensure success while expanding to this valuable overseas market.