enovate Launches 2010 China Emerging Consumer Trends Report

enovate is proud to announce the release of our 2010 Chinese Emerging Consumer Trends Report. Read through our press release, check out our teaser slideshare, and sign-up to receive a copy of the full report in your inbox!

CHINA CONSUMER INSIGHTS AND STRATEGY FIRM, ENOVATE, RELEASES TOP 2010 CHINA EMERGING CONSUMER TRENDS IN THE YEAR OF THE TIGER

Over 60% of Emerging Consumers Prefer International Brands that Localize their Products to the China Market

enovate, a China focused consumer insights and strategy firm, released its 2010 China Emerging Consumer Trends report today, which includes over 30 trends.

80% of rich Chinese consumers are under the age of 45, compared with 30% in the US and 19% in Japan. The sheer size and spending power of this consumer group in China, combined with the relatively mild impact of the global recession on the country, is causing foreign brands to salivate over the potential upsides of this market.

enovate’s report reveals specific China youth trend insights that were gained through enovate’s close interactions (direct market research, social media participation, trend analyses) in China. with China’s emerging consumer (15-30 years old) segment.

As many brands and businesses already know, China’s youth consumer group is different than any other in the world. In order to win over this groups’ hearts and command attention, brands need a deep understanding of this groups’ hopes, habits, dreams and desires.

enovate’s 2010 trend report highlight key trends affecting China’s emerging consumer class in areas related to China technology, China society, China’s regions, China media, China marketing and branding preferences and habits that provide guidance for any brand or business targeting this growing market.

The report includes three key emerging Chinese consumer trends:

Youth Still Crave International Brands but Want It Their Way — Will This Be Exported Back Out of China?

The emerging consumer is still hungry for foreign brands, but this consumer is becoming deferential to global brands that develop products to local tastes and preferences. In a recent enovate survey, a majority of Chinese emerging consumer respondents (over 60%) indicated that they preferred foreign brands with localized designs over local brands or foreign brands with no localization. This is driving an interesting phenomenon–brand innovation within the China market.

Brands like Pizza Hut, New Balance, and Buick are all taking measures to differentiate their brands in the China market. New Balance, as a late entrant into the game, needed to make a quick impact with its target consumer and so invested in product and retail innovations specifically for the China market. These developments are now being rolled out globally by New Balance headquarters back in Boston. Could the strength of the emerging Chinese market in China affect global trends?

Online and Offline Interactions Amongst Chinese Youth Expanding While Also Fragmenting.

For 2010′s Chinese youth, there is a proliferation of technology that continues to bridge the gap between China’s online and offline social networks. China Social networks such as Douban establish online pages that promote offline social gatherings. These are categorized by cities and are a popular way for young Chinese to make new friends and expand their social network. Offline groups are also gathering in China to participate in group shopping, or in Chinese “Tuan Gou”. It is also important to keep an eye on up and coming players such as P1.cn and moko.cc.

Multi-versatile and Integrated Companies, Technology and Media.

Online Chinese youth consumers are extremely turned off to advertising that is “e-su”, instead preferring advertisements that are fully integrated engaging, creative, and displayed across both traditional and online channels. Technologies such as cell-phones and PSP’s are becoming increasingly versatile and multi-functional for youth users as well, due to an “always online and in touch” virtual generation. Chinese youth must be able to communicate, play games, read books, shop, etc. all from the convenience of their cell phones or PSP’s. The key to success in 2010 and onwards will be how well brands use an integrated approach to their campaigns and brand touch points.

enovate Director John Solomon commented,

“We are actively following brand innovation in China. We believe the outcomes of brand differentiation in China will lead to China exporting innovation. I predict in the near future a China trend could become your markets’ next trend.”

Solomon continued,

“On the online front, we predict that we will see a proliferation of niche social networks in 2010, with networks and Chinese youth cultures becoming more fragmented and specialized. Websites like P1 and 360Quan cater to sects of niche cultures, yet are highly influential online communities to target.”

enovate collaborated with global trend agencies as a founding member of the recently launched global Youth Research Partners to undertake this report. This report, while China focused, is also applicable to emerging consumers worldwide.

For a sample of our report, feel free to view the following teaser slideshare. The full report contains over 30 Chinese emerging consumer trends and insights.

Enter your information here to receive a copy of the full enovate 2010 China Emerging Consumer Trends Report! For any additional questions or business inquiries please contact info@enovatechina.com