Perspective on consumption upgrade and seize consumption opportunities

International consumer brands dig deep into China's big market

China Business News.com China holds high the sails of opening up, consumes music, and cooperates in writing lyrics, attracting global enterprises to sing and share opportunities for the future.

At the just-concluded 2nd China International Consumer Goods Expo, 80% of the exhibition area was occupied by the international exhibition area, and more than 1,100 companies brought 1,643 consumer boutique brands to compete. Here, they feel the heat of the Chinese market and gain insight into Chinese consumption trends; they make their first show in China and continue to exert their efforts to impress Chinese consumers, and their youthfulness, personalization, "her economy", and sense of experience are the key to opening the Chinese market. The market's "confidence pivot".

Vibrant market with unlimited opportunities

"China is one of the most important and dynamic markets in the world. China's high level of opening up enables global companies to continue to share the potential and opportunities of this market, and will play an important role in promoting the recovery and growth of the world economy." Zhang Yunxin, president of Burberry China, told the International Business Daily reporter.

Hosting the Consumer Expo is another act of keeping the promise of opening up China. Zhang Yunxin said that for Burberry, the Consumer Expo provided a valuable opportunity to showcase the brand to Chinese consumers. "Chinese consumers are passionate about fashion, proficient in digitalization, and ecologically conscious, all of which provide us with opportunities for further development and growth. After the closing of the first consumer expo, Burberry saw that the consumer expo is supporting Hainan and China. The positive impact and spillover effect of China's consumption upgrade and innovation, so I decided to participate in the second consumer expo."

Seeing the surging opportunities of opening up China here, it is not only Burberry who should better participate in it. "With the rapid growth of China's economy, Chinese consumers have gradually become the main force in the global luxury consumer market. Feng Yanlin, general manager of Baume & Mercier China, told the International Business Daily reporter that as the official timing partner of the first Consumer Expo, Baume & Mercier is deeply I feel that China's consumption trend is upgrading and iterating.

Although the epidemic has restricted countries around the world, China's economy is still growing steadily, and Baume & Mercier is confident in China's consumption development and the country's business layout. "Baume & Mercier will continue to serve as the official timing partner at the second consumer expo, and hopes to deepen the brand's influence and recognition in Hainan and the Chinese market, and at the same time gain more opportunities in the female consumer market." Feng Yanlin said.

"In the context of the spread of the global new crown pneumonia epidemic, the first Consumer Expo was successfully held, which made us fully feel China's great power style of sharing market opportunities with the world and promoting the recovery of the world economy. During the exhibition, we have an in-depth understanding of China's new consumption concept and consumption trend." Shiseido China CEO Kentaro Fujiwara said that Shiseido further felt the positive signal of China's expansion of opening up by participating in the Consumer Expo for the second time, and hoped to display a diversified brand matrix and innovative innovative products through the stage of the Consumer Expo. Brand achievements and cutting-edge research and development concepts and technologies.

Surprisingly new in Huawei China

"We see that young Chinese consumers are fashionable and open, pursuing novelty and uniqueness, and at the same time, they are more Internet-based. According to the characteristics of young consumers, Estee Lauder continues to improve the relevance and innovation of products and personalization." Fan Jiayu, President and CEO of China, a member of the Estee Lauder Group Global Management Committee, said at the Consumer Expo.

He revealed that some of the new brands that Estee Lauder has recently introduced have responded well to the younger and more personalized trends in the Chinese market. At the same time, the world-class R&D center invested and established by the Group in China will be put into use this year. "We will also adapt to the needs of young consumers, continue to capture trends, predict trends, and quickly develop new products that young consumers like."

The Chinese market is "younger", and Baume & Mercier also has personal experience. "The user portraits of luxury goods are constantly iterating under the new consumption situation. More and more young consumers buy luxury goods and have personalized and diversified consumption needs, and are willing to pay for the experience of the new lifestyle." Feng Yanlin said, Baume & Mercier The watch is well aware of the importance of Chinese consumers, and is committed to gaining insight into the Chinese consumer market. In terms of business layout and product introduction, it actively follows the trend of Chinese consumption upgrades, and launches more works with young designs and Asian inspiration.

Baume & Mercier also saw China's vast "her market" at the first consumer expo. Since then, it has deeply explored and actively developed products that better meet the habits and needs of Chinese women. At the second Consumer Expo, Baume & Mercier launched the first new product in China, namely the Rivera series 33mm women's watch with small size design and more suitable for Asian women.

"As China's consumer demand becomes more diversified, in addition to launching more high-quality products, brands need to constantly explore new ways to build emotional connections with them. In this regard, more and more brands are adopting 'social first', Adding elements such as e-commerce, entertainment and even games will further strengthen the interaction between the brand and consumers, and lay a solid foundation for the long-term growth of the brand." Zhang Yunxin said.

To this end, in July 2020, Burberry opened the world's first social retail boutique in Shenzhen. In the first half of this year, Burberry held the "Burberry Bo World" exhibition in Shanghai and Chengdu, presenting Burberry's iconic designs through art installations and virtual reality artworks.

"We are attracting young people to interact with the brand through their favorite spokespersons and their language and words that are closer to young people." said Babriza, vice president of Rado China, Rado. In order to better develop the Chinese market, Rado Watch is also actively communicating with consumers through various online communication channels and novel content that can reach young consumers.

"Really realize that China is China, and China is the world. Estee Lauder Group is very confident in the Chinese market, and will continue to invest in China, continue to enrich the brand matrix, introduce new brands, and meet the needs of Chinese consumers. At the same time, we also It will expand online and offline multi-faceted marketing channels to reach more consumers and bring them new products and new experiences." Fan Jiayu said.