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Chinese Consumers Are Adapting Priorities As China Changes

January 10, 2017: 12:00 AM EST
In an interview, Delon Wang, Manager of Asia Pacific Trends at Mintel, warned that the rapid growth seen in China’s consumer goods industry might slow as economic growth decelerates and the population adapts priorities to the new China, focusing for example on buzzwords like ‘ancient’ and ‘old’. Mintel’s Global New Products Database indicates that product claims including the word "ancient” on packaging grew 56% in the first half of 2016 within China’s beauty and personal care and food and drink and categories. Wang said that consumers are demanding authenticity, and they are increasingly concerned about health and the environment. Value remains another key attribute for consumers. More consumers are also looking at opportunities to be entrepreneurs themselves in a bid to improve financial security during turbulent economic times, and many are choosing subscription purchasing for their fitness and beauty items. Brand loyalty is highest among the middle-class consumers (68% versus 50% for consumers overall). Other factors at work within China include technological advance – such as the Internet of Everything and smart devices – and retail innovation and evolution, such as pop-up stores. [ Image credit: © Oanh ]
Natasha Spencer, "China’s cosmetics and consumer trends in 2017 part I: A change of pace", Cosmetics Design, January 10, 2017, © William Reed Business Media SAS
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