Summary
In a market dominated by global brands, success in the Chinese cosmetics space requires an acute awareness of the nuanced spending patterns and consumer behaviors that characterize this multi-tier market. This presentation explores some important considerations for global brands to successfully deliver a localized value proposition and "fit in" by adopting a GLOCAL strategy.
Synopsis
- Insight from Canadean's Consumer Survey and interesting examples of brands/products in China are used to illustrate consumer and market trends.
- In a market dominated by global brands, a deep understanding of local consumers' needs to drive a tailored, local strategy is vital to success.
Reasons To Buy
- Why are global beauty brands focusing their attention and efforts on China?
- What are the key elements of a GLOCAL strategy?
Key Highlights
In China, skincare and make-up alone accounted for $13.8bn in consumer spending in 2012, and this figure is estimated to grow even further in the next few years in China across all of the major personal care sectors as a result of significant changes in social structures and quality-of-life improvements in China.
According to Canadean's 2013 Consumer Survey, 71% of Chinese consumers say that anti-aging benefits are high priority or essential benefits of skincare products, compared to only 41% of American consumers.
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