From 'Made in China' to 'Made for China': Global Businesses Prioritise Quality Products, Partnerships and Millennials as Key to Driving China Sales
Navigator: Made for China survey charts international businesses’ ambitions to sell to China’s fast growing consumer market
International businesses are confident that the quality of their products will appeal to Chinese consumers, understand that distribution partnerships and e-commerce platforms are key to success in this market and are targeting the growing spending power of consumers aged under 40. These were among the key findings from HSBC’s Navigator: Made for China survey, which was launched today at the China International Import Expo in Shanghai.
“To succeed in the future, international businesses must be ‘Made for China.’
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,” said Stuart Tait, Regional Head of Commercial Banking, Asia-Pacific, at HSBC.
“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. These companies need a new playbook: ‘Made in China’ is no longer enough; they and their products need to be ‘Made for China,’” said Tait.
HSBC’s Navigator: Made for China survey explores the intersection of international businesses’ growth ambitions with China’s increasingly affluent and discerning consumers. In September, the survey canvassed the views of 1,205 small and large companies in 11 key global economies that already export to China or are considering doing so.