What does “value” mean now for Chinese consumers?
- Advertising and Marketing
- Asia
In Mintel’s 2023 Global Consumer Trends, we explored 5 trends that shapes and impact consumer behavior, one of which is Intentional Spending: factors like flexibility, durability and sustainability will play increasingly important roles in consumers’ value equation.
But what is the true meaning of value for consumers now in China in a post-pandemic era? Price, function, flexibility or durability alone is not the only value that Chinese consumers are after now. They want a combination, they go far beyond the above factors: sustainability, environment-friendliness, individualization, even delivery. This holistic view goes well beyond the product to encompass the brand, and the company behind the brand, and what ‘value’ the company puts in (or takes out) from society.
Mintel’s APAC Trends Vice President, Matthew Crabbe, led the discussion and talked about the new values for Chinese consumers and what that means for brands and companies who want to grow in China market.
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