Insights China by McKinsey and the Chinese Consumer Center launched the third annual Chinese Consumer Report today at a media briefing in Shanghai.
The report states that four major trends are reshaping China's consumer landscape: the growing importance of regional differences in consumer behavior; the emerging preference for premium products among affluent consumers; the changing ways that consumers choose brands; and new ways of connecting with consumers. The survey underscores the need for companies in China to tailor their marketing programs to address Chinese consumers' unique preferences.
China is a dynamic market that continuously challenges our assumptions and compels us to innovate. Over the 3 years that we have conducted our annual research into the Chinese consumer, we have witnessed the emergence of an increasingly discerning and sophisticated class of consumers.