As China deals with a volatile economic environment and uncertain consumers, it is critical that brand marketers uncover areas of opportunity for growth.
Worthington, Ohio (PRWEB) July 06, 2015
On the heels of China spending billions to prevent a stock market crash, it’s more important than ever to understand the Chinese consumer and how the power of the consumer societies in both China and the U.S will continue to entangle the two largest economies and increase their co-dependency. ProsperChina™ recently analyzed data from its InsightCenter to identify some key opportunities for growth in a dismal market.
According to the ProsperChina Consumer Spending Score, which represents consumers’ intended level of retail spending over the next 90 days for a particular category, Children’s Clothing, Women’s Casual Clothing and Shoes appear to be hotspots among Chinese Consumers. On the other hand, Women’s Dress Clothing, Electronics and Men’s Dress Clothing all had an index below 100, indicating consumers are planning to spend less in these areas.
Consumer Spending Score by Category
Source: ProsperChina™ Quarterly Survey
To be read as: An index of 100 means that there are an equal number of consumers planning to spend more and less. An index under 100 means there is a smaller number of consumers planning to spend more than there are consumers planning to spend less.
“As China deals with a volatile economic environment and uncertain consumers, it is critical that brand marketers uncover areas of opportunity for growth,” said Phil Rist, EVP, Prosper Insight & Analytics. “Ramping up their mobile social presence and focusing on categories in which consumers are planning to spend may help retailers navigate rough waters.”
Through agreements Alipay has made with companies such as Macy’s and Saks, Chinese consumers can now easily shop American retailers with confidence online. Online shopping has been a main channel of consumption in China, especially within the 18-54 demographic; 70% of Chinese purchase products online compared to 29% of Americans who do the same. Further, nearly half (48%) of Chinese consumers have a retailer app on their smartphone compared to 20% of U.S. consumers. Chinese consumers are largely influenced through information sharing and communication with retailers via their social media sites. More and more retailers are putting the mobile version link of their online stores via social media.
A complimentary collection of Chinese consumer insights are available at http://www.ProsperChinaIC.com.
ProsperChina provides advanced business intelligence using sophisticated analytical software to examine big datasets and provide answers to executives via its cloud-based InsightCenter™ platform (available in both English and Chinese) powered by Prosper Technologies. By integrating a variety of data including economic, behavioral and attitudinal data, ProsperChina delivers insights for executive decision making. Further, it is continually identifying unique insights through analytics to enable marketers to make knowledge-based decisions rather than relying on intuition. Prosper has been engaged in business development in PRC since 1995 and has conducted the ProsperChina Quarterly, the largest survey of its kind, since 2006. For more information: http://www.ProsperChina.com
Chrissy Wissinger, Director, Communications