Accenture: Three Chinese segments likely to buy foreign brands
Dated: 1 January 2008
Companies seeking to capture the attention of the increasingly brand-savvy Chinese consumer need to tailor their marketing strategies to the preferences and attitudes of three distinct customer segments in China that are most open to buying foreign brands, says a global study released by Accenture. According to an online survey of more than 1,000 consumers in urban and suburban areas in China, the ‘Young Royals’ are most likely to purchase foreign brands. These are young college-educated adults, mostly women, who are more affl uent, free-spending and keenly interested in foreign brands. This segment is twice as likely as any other segment to buy newly-introduced brands. Two other segments likely to purchase foreign brands are: the ‘Aspirationals’—young male and female consumers who, like the ‘Young Royals’, are highly brandconscious and aspire to have the “latest and greatest,” but whose low income makes them unable to buy what they want; and the ‘Established Money’ segment—higher-income men and women who, like the ‘Young Royals’, want the latest in technology and high-end, exclusive products. However, those in the ‘Established Money’ segment value brands that are well recognized in the market. This study underscores need for customized marketing strategies and alternative communication channels.
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