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Understanding market trends in China is critical for your China market entry strategy and business development.
I am sharing some insights on the market trends in China and you might sense some new opportunities.
The Rise of Chinese Middle Class
Chinese middle class is starting to pay more on services and luxury products, other than new homes and cars only.
Chinese Millennials: Divided Generation
Chinese Millennials are facing unprecedented prosperity and struggling with the growing pressure.
Unlike their previous generation, The New Youth in China are living on mobile phones, they are familiar with various apps and social media, know the world fashion culture and they are willing to pay for services.
It is more challenging to market to this generation but you have to. Because they are the future of China market.
5 years ago, I could not imagine that Chinese readers will donate to my Chinese articles. More than 50% of the donators to my articles are born in the 1990s.
Looking For a Better Life
Chinese consumers are more diversified and start to pay for quality stuff.
They are looking for better life quality, including better healthcare, better education, better food, better air quality, better relationship…
More and more people buy foreign products from overseas.
Buying Everything Online, Home and Abroad
This isolated internet island is way more interesting than a newcomer could imagine. It is the playground for many innovative internet-based companies, too.
Chinese consumers have switched to buying online in a lightening speed, I am not telling the joke. Chinese consumers can buy almost everything from their mobile phones, or computers.
Cross-border eCommerce is booming since Chinese consumers are buying more and more from overseas market.
My new book: Sell Online to China helps you understand what you need to prepare.
Challenges for Traditional Chinese Companies
It’s a new era full of changes.
Many traditional Chinese companies are struggling to find new business models.
Emerging businesses, esp. online businesses force traditional companies to make changes.
Many people are worried about their jobs and it is supposed that millions of white-collar jobs will be eliminated in the next few years.
Rise of Startups and Freelancers
China is full of opportunities for small to medium companies, startups, and freelancers.
More and more Chinese start-ups find their way, so do Chinese freelancers. More and more overseas Chinese students are coming back China to make their fortunes too. People can make decent money from simple business models, like working as Daigou agents.
“Freelancer” in China is not the nickname of the jobless person any more. (Road of Chinese Freelancers: Online Roundtable Meeting at Zhihu)
Government Still Plays an Important Role
You will inevitably handle the relationship with the government. Follow the rules and do not play any tricks.
Get the support from them and keep updated of any new favorable policy.
Cheng Chao has extensive expertise in China market entry, global translation & localization, cross-border business development, and global digital marketing.
Chao founded ChineseTrans, where he led a team of senior linguists to establish ChineseTrans as the market leader in professional Chinese translation services.
Since 2011, Chao has served as the managing director of SinoStep, a consulting agency helping foreign investment enter into the China market. Backed up with a strong team of China business consultants experienced in different sectors, Chao has successfully introduced dozens of overseas brands into the China market, established their operations in China on early stage and adapted their businesses to the China market.
see Chao's Bio