There are Chinese shoppers… and there are RICH Chinese shoppers. China now has more millionaires than the US and they are fast becoming an important target for Western brands.
But how do these wealthy consumers tick? What do they care about, which marketing messages do they respond to and where?
Qumin invited the one person who knows China’s high-end industry and people better than anyone: Sara Jane Ho. Sara has made it her business to educate the Chinese super-rich on Western etiquette through her finishing schools and her book, as well as her own TV-show which introduces Western lifestyles and celebrities to Chinese audiences.
Do you know how to pronounce ‘Versace’ or how a game of Tennis is scored? Of course you do – tune in to hear why it matters and what this has to do with your new understanding of rich Chinese consumers.
Arnold Ma, founder and CEO of Qumin, chats to Sara about:
00:58 Sara’s story and her affiliation with Marc Zuckerberg
03:00 2012, the year Chinese people began upgrading their lives to become citizens of the world
04:19 How Sara, in line with the Chinese government’s vision, re-defined the meaning of ‘etiquette’ in China
08:54 Can social disposition change fast enough to catch up with economic growth?
11:20 What drives the purchasing decisions of high net- individuals (Brand heritage or quality)
12:08 Demographics of Chinese millionaires and why they are different to those in the rest of the world
15:00 What rich Chinese people spend their money on (Home design, brands, cosmetics or self-care)
16:28 Will Chinese people stop buying flashy luxury brands and pay more attention to quality and craftsmanship? From peer approval to self-gratification
18:00 Why short video platform Douyin (TikTok) and review/lifestyle app Little Red Book (Xiaohongshu) have become essential marketing tools to capture the attention of high net individuals
22:00 The best foreign brands in China and why they are successful
24:31 Where Sustainability stands on Chinese consumer’s priority lists
26:10 The rise of affordable luxury
28:24 Why Chinese people are starting to look domestically for luxury products (Bosideng example)
30:21 What Chinese brands can learn from Western brands
32:44 What’s The Future?! Is the Chinese growth is slowing down and do brands need to stop relying on Chinese consumers?
If you like this episode, follow us/subscribe for more. You can also watch the full video on YouTube: https://youtu.be/L0JUTDTSx0M
Feel free to contact us on China.WTF@qumin.co.uk with comments, thoughts and suggestions.
Our next episode will be on Football and Sports Marketing!