Navigator: Made for China is a survey of 1,200 small and large companies in 11 key global economies that already export to China or are considering doing so. We sought to understand what businesses see as the future growth drivers of trade to China, what strategies and sales channels business is looking to. As well as identifying growing sectors and the role future generations are playing in this dynamic market.
China is no longer just the world’s factory. Its fast-growing consumer market is prompting international businesses to re-evaluate how and what they sell to China. To succeed, international businesses need to be confident that the quality of their products will appeal to Chinese consumers, to understand that distribution partnerships and e-commerce platforms are key to success in this market and are targeting the growing spending power of the under 40 consumer.
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How your business can respond
- Target millennials: An overwhelming majority of international businesses expect those born after 1980 to drive sales growth.
- High-tech, high-demand: Technology services, consumer electronics and high-end intelligent equipment will be the fastest-growing sectors in the next 3-5 years.
- Quality meets prosperity: International businesses believe that the distinctive quality of their products and services and the growing affluence of Chinese consumers will drive sales growth.
- Cultural matters: Understanding the local business culture and adapting to local tastes are the top challenges faced by foreign companies.
- Making it work: Partnerships, distribution agreements and e-commerce platforms are the keys to success for international companies selling to China.
While made-in-China goods are found in-store and online around the world, the rapid development of China’s economy means that Chinese consumers are shaping the strategies of international businesses. Companies need a new playbook: ‘Made in China’ is no longer enough; they and their products need to be ‘Made for China'
HSBC's Navigator: Made for China surveyed 1,205 business decision-makers in 11 markets. Research by Kantar TNS for HSBC October 2018