久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Make me your Homepage
left corner left corner
China Daily Website

Building China's consumer markets

Updated: 2009-07-20 07:47
(China Daily)

Building China's consumer markets

Editor's Note: Domestic demand is expected to become a key driver of China's GDP growth amid a global economic downturn.

Yet China's private consumption now only accounts for 36 percent of its GDP - versus 70 percent in the United States and more than 50 percent in other developed countries.

China has a huge potential to grow private consumption. At the end of May, Chinese families' bank deposits totaled 25 trillion yuan.

Consumer confidence is vital to growing consumer demand. Boston Consulting Group (BCG) recently conducted a consumer survey in China that showed Chinese consumers are confident in the economy for the midterm and long term.

Carol Liao, a BCG partner and managing director, shared her views on the prospects for China's consumer market in an interview with China Business Weekly reporter Bi Xiaoning.

Liao has more than 10 years of experience targeting China's consumer markets.

She has extensive consulting experience with multinational companies and Asian corporations on a wide range of strategic and organizational issues.

Prior to joining BCG in 1995, Liao worked in the marketing department of P&G China. Liao holds an MBA from Harvard Business School.

Q: How has the financial turmoil affected China's consumer industry? Have you seen any signs of recovery?

A: The consumer industry was not immune to the turmoil. Consumers are becoming more cautious, selective and price-sensitive. This is mainly driven by lower than expected income growth this year, rather than anxiety caused by the economic outlook.

If we take a further look, consumer spending patterns vary by product sectors. We see strong demand for fresh food categories - fresh fruit, vegetables, meat and milk - driven by the growing trend of healthy living concerns, together with concerns about food safety.

Other basic necessities are not really affected by changes in spending, since they remain an important purchase in all households.

Product segments being hit hard are dining out, fashion accessories, fragrances and perfumes, snack foods, Western liquor - the discretionary categories.

The most volatile categories are cars, home appliances and consumer electronics. Overall demand is there and people still want to trade up, but consumers are more cautious about these big-ticket items. They spend more time shopping around to look for good deals. Hence, we see that these categories respond well to promotions and government stimulus programs.

Overall, consumer confidence is still high. According to our recent consumer sentiment survey, two-thirds of Chinese consumers are "not too worried" about the economic situation.

About 75 percent of Chinese consumers still plan to maintain or increase spending, while only 27 percent say that in the United States.

China is the only country where trading up still beats trading down.

This shows that Chinese consumers are less nervous about the overall economic outlook. Therefore, we will see recovery as soon as the economy stabilizes and shows positive signs.

Q: The Chinese government has released industry support plans to drive GDP growth. In your opinion, do these present any opportunities for the consumer market? Can the consumer industry benefit from the country's stimulus package?

A: We already see a positive economic impact from the 4-trillion-yuan stimulus package.

However, the near-term impact will be seen in the infrastructure sector. It will take time to create real impact in the private consumer sector.

Of course, one direct impact from the stimulus package is to create employment, which helps stabilize consumption.

However, private consumption only accounts for 36 percent of today's China GDP versus 70 percent in the United States.

It will take a long time to achieve any structural changes to our GDP composition. Parts of the government's stimulus policies are aimed at long-term consumption.

For instance, the government's recent healthcare reforms will steadily expand insurance coverage and access to healthcare. This will have a long-term impact on releasing private consumer power, but we will not see drastic changes over night.

Q: Compared with their overseas counterparts and multinational companies in China, what are the main advantages and weaknesses of Chinese consumer industry companies? What are your suggestions for them?

A: Compared to foreign competitors, we do see some unique advantages of Chinese companies.

First, they have a strong understanding of local consumer insights, especially in the food sector.

Second, we see improving product quality in certain sectors such as home appliances.

Third, Chinese companies are quick and nimble. They can react quickly to market changes. They also have a more competitive cost structure.

However, compared to multinational companies in China, there are challenges for Chinese companies such as weaker branding, marketing and key account management support.

Many multinational companies also have better information and management systems. In retail, Chinese companies also need to improve category management.

We believe companies that act now to protect their brands will emerge from the crisis in a stronger position.

We recommend these eight strategies to win in the downturn:

Further improve your cost position and cash management processes.

Be a predator, not the prey, to capitalize on a competitor's weakness.

Focus on value, seeking out fresh consumer insights to deliver what matters most.

Avoid the discount spiral. Treat brands as assets, not liabilities.

Invest now for the rebound, and take a new look at what drives consumption.

Revisit market categories, segments and channels to focus on investing in more bright spots.

Adapt 'go to market' strategies to current realities, and re-examine high-margin businesses.

Develop post-downturn scenarios to prepare your business now to thrive after the recovery.

Q: What strategies do you suggest to help companies win over today's cautious consumers?

A: First, fully understand your customers; then, focus on 'value, value, value'.

Learn why consumers justify their spending for functional and/or emotional benefits.

How can your brand give them what they really want? How can you include add-on features at no extra cost?

To deliver more savings to consumers without hurting your profit margins, consider eliminating features that don't add value such as excess packaging or too many variations in product size.

At the same time, companies can shift away from focusing on price to a focus on product quality and delivery of service. Over-deliver on what really matters most.

In addition, companies should make sure consumers know their value story, and why their brands and products are worth more money. That's a matter of better communications and redefining values.

During the downturn, there is more pressure on cutting brand investments. Our experience shows that companies that continue to invest in their brands are more likely to benefit.

Chinese consumers are extremely brand-conscious. Our survey indicated that 71 percent of Chinese consumers would consider trading up because of better brand names. Compare that to the United States, where only 21 percent of consumers cited a company's brand as a main reason for trading up.

Q: Looking ahead, what will the landscape of the consumer industry look like in the near future?

A: We will see some shakeouts, not only in retail and distribution, but also in fragmented industries.

We will also see some mergers and acquisitions in the future.

The economic crisis is driving down valuations of leading companies and creating opportunities for local acquisitions.

Crisis-stricken Western companies are selling Chinese assets. Conversely, cash-rich Chinese companies are starting to acquire assets abroad.

Having said that, quality assets are still hard to get even in today's environment. It requires systematic searches and careful due-diligence.

Generally speaking, companies that think strategically and take proactive steps against the competition, manage their costs and search for the right partners will emerge even stronger.

Q: A recent BCG survey showed that most Chinese consumers remained optimistic about the future economy. How do you translate that into more domestic demand?

A: Confidence is very important. More than 70 percent of respondents in our survey report feeling "not too worried" about the economy, and that sentiment is backed up by strong retail sales leading up to the Chinese New Year this year.

Even after the Chinese New Year, more than 80 percent of consumers in Shanghai and Beijing continued to feel optimistic about their future finances and job security.

The good news is that consumers are still spending, as we mentioned before. And when we asked consumers why they would increase their spending, most cited a desire to use better products, rather than expectations of increased income. So the demand is still robust.

However, it will require effective economic policies to fundamentally shift the country's consumer mentality - to drive down savings rates and boost consumption. An effective social safety net remains important to resolving this challenge.

(China Daily 07/20/2009 page2)

8.03K
 
...
Hot Topics
Geng Jiasheng, 54, a national master technician in the manufacturing industry, is busy working on improvements for a new removable environmental protection toilet, a project he has been devoted to since last year.
...
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    色又黄又爽网站www久久| 91精品久久久久久久99蜜桃 | 亚洲国产精品嫩草影院| 欧美高清你懂得| 激情综合一区二区三区| 中文字幕电影一区| 色狠狠一区二区| 日韩精品欧美精品| 久久色成人在线| 91色综合久久久久婷婷| 天堂久久久久va久久久久| 久久综合九色综合97_久久久| 成人av在线一区二区三区| 亚洲一区二区在线免费看| 日韩精品在线网站| 成人三级在线视频| 午夜日韩在线观看| 久久久欧美精品sm网站| 色94色欧美sute亚洲线路一久| 日本不卡一区二区三区高清视频| 国产欧美一二三区| 欧美三级电影在线看| 国产在线不卡视频| 亚洲精品久久久蜜桃| 日韩精品一区二区三区中文精品| 不卡区在线中文字幕| 婷婷久久综合九色综合绿巨人 | 亚洲日本在线天堂| 51精品久久久久久久蜜臀| 福利电影一区二区| 婷婷亚洲久悠悠色悠在线播放| 国产婷婷精品av在线| 欧美视频日韩视频在线观看| 精品一区二区在线看| 亚洲黄一区二区三区| 久久久亚洲精品石原莉奈| 欧美亚洲一区二区三区四区| 国产河南妇女毛片精品久久久| 亚洲不卡一区二区三区| 国产日韩欧美综合在线| 欧美日韩国产高清一区二区| 成人午夜电影小说| 免费高清成人在线| 综合久久国产九一剧情麻豆| 精品国内二区三区| 欧美亚洲尤物久久| 成人精品国产一区二区4080| 男人的j进女人的j一区| 亚洲黄色小视频| 国产午夜精品久久久久久久 | 久久青草国产手机看片福利盒子 | 成人黄色片在线观看| 青青草伊人久久| 一区二区三区在线观看动漫| 久久久久高清精品| 欧美精品久久99| 日本精品裸体写真集在线观看| 国产精品99久久久久久久女警 | 欧美年轻男男videosbes| 不卡一区二区三区四区| 国内欧美视频一区二区 | 亚洲一区在线观看视频| 国产精品久久看| 久久中文娱乐网| 日韩一区二区三区在线观看| 欧美无砖砖区免费| 不卡在线视频中文字幕| 国产原创一区二区| 蜜桃视频一区二区| 丝袜诱惑制服诱惑色一区在线观看| 亚洲欧美偷拍三级| 国产精品污污网站在线观看| 精品国产伦一区二区三区观看方式| 欧美日韩电影在线| 色妹子一区二区| proumb性欧美在线观看| 国产91丝袜在线18| 国产一区二区三区蝌蚪| 久久成人av少妇免费| 丝袜亚洲精品中文字幕一区| 夜夜亚洲天天久久| 亚洲欧美精品午睡沙发| 亚洲图片欧美激情| 国产精品国产成人国产三级| 国产精品天干天干在观线| 久久久国产精品午夜一区ai换脸| 精品盗摄一区二区三区| 日韩片之四级片| 日韩欧美你懂的| 日韩欧美一二三四区| 日韩午夜三级在线| 91精品中文字幕一区二区三区| 欧美猛男gaygay网站| 欧美日韩国产美| 欧美日本韩国一区| 欧美人妖巨大在线| 6080日韩午夜伦伦午夜伦| 91精品综合久久久久久| 欧美一区二区私人影院日本| 91麻豆精品国产91久久久资源速度 | 污片在线观看一区二区| 亚洲图片一区二区| 亚洲第一主播视频| 婷婷六月综合网| 美女视频一区二区| 久久99国产精品麻豆| 国产在线精品国自产拍免费| 国产福利精品一区| 国产不卡视频在线播放| 成人app网站| 一本一道久久a久久精品综合蜜臀| 色婷婷av久久久久久久| 欧美偷拍一区二区| 欧美精品电影在线播放| 日韩欧美一二区| 久久日一线二线三线suv| 国产欧美日韩麻豆91| 亚洲国产精品激情在线观看| 成人欧美一区二区三区黑人麻豆 | 国产精品亚洲第一| 成人福利在线看| 色综合色综合色综合色综合色综合 | 91亚洲精华国产精华精华液| 欧美中文字幕亚洲一区二区va在线| 欧美绝品在线观看成人午夜影视| 日韩欧美一级片| 国产日韩欧美精品综合| 日韩码欧中文字| 亚洲h动漫在线| 精品一区二区三区的国产在线播放| 国产成人精品亚洲777人妖 | 欧美精品久久天天躁| 欧美变态口味重另类| 中文字幕电影一区| 亚洲最大的成人av| 日本大胆欧美人术艺术动态| 国产精品一区不卡| 色综合色综合色综合色综合色综合| 欧美日韩一级二级| 久久人人爽爽爽人久久久| 亚洲欧美日韩在线| 日韩1区2区日韩1区2区| 国产精品夜夜爽| 在线亚洲一区二区| 日韩欧美亚洲一区二区| 国产精品视频一二| 亚洲风情在线资源站| 国产精品综合av一区二区国产馆| 91久久精品一区二区三区| 日韩午夜激情视频| 成人欧美一区二区三区在线播放| 日韩精品一级中文字幕精品视频免费观看 | 日本网站在线观看一区二区三区| 国产毛片精品国产一区二区三区| 一本色道久久综合精品竹菊| 日韩欧美成人午夜| 国产精品国产三级国产普通话蜜臀| 天天射综合影视| 国产成人av电影免费在线观看| 精品视频免费在线| 久久精品日韩一区二区三区| 亚洲一区二区欧美日韩 | 欧美三级资源在线| 国产日韩欧美a| 亚洲国产三级在线| 国产成人自拍高清视频在线免费播放| 欧美亚洲动漫另类| 久久久久国产精品麻豆| 亚洲午夜三级在线| 成人综合婷婷国产精品久久| 欧美一级xxx| 亚洲欧美另类小说| 国产一区二区三区美女| 欧美日韩一卡二卡三卡 | 91视频免费观看| 久久综合久久综合久久| 亚洲6080在线| 成人动漫av在线| 欧美mv日韩mv国产网站| 亚洲综合在线免费观看| 国产成+人+日韩+欧美+亚洲| 欧美一区二区精品在线| 一区二区三区欧美视频| 懂色av一区二区夜夜嗨| 欧美一级理论性理论a| 亚洲一区中文日韩| 成人午夜av影视| 26uuu色噜噜精品一区| 五月天精品一区二区三区| 91女人视频在线观看| 久久精品亚洲一区二区三区浴池| 日本午夜精品视频在线观看| 在线亚洲人成电影网站色www| 国产精品久久久久婷婷| 国产一区二区三区av电影| 欧美精品v国产精品v日韩精品 | 99精品在线观看视频| 久久久久久黄色| 美日韩一级片在线观看| 欧美疯狂做受xxxx富婆|