KITA News
  • Win Chinese Consumer Market with Premium Goods
    2019-01-02 hit 479

    Win Chinese Consumer Market with Premium Goods

     

    - KITA conducted a survey of 244 Chinese buyers Korean products designs are outstanding, cosmetics, food, baby products are promising -

     

     

    It appears that Chinese buyers highly appreciated the design, quality, and reliability of Korean products and selected cosmetics, food, and beauty products as promising items to make inroads into the Chinese consumer market.

      

    A survey result of 244 Chinese buyers in the report titled "Competitiveness of Korean Consumer Products in Perspective of Chinese Buyers and Countermeasures" issued by the Institute for International Trade of the Korea International Trade Association on December 10th, suggests that Korean companies need to target Chinese consumer market with more sophisticated design. Moreover, it is anticipated that with the expansion of the new middle class in China that pursues quality of life, cosmetics, food, beauty products, baby products, and medical health care products are expected to be promising.  

     

    According to the report, Chinese buyers selected 'design' (18.7%), 'quality' (17.4%) and 'corporate reliability' (16.5%) as competitiveness of Korean products. In contrast, "price competitiveness" (10.9%) was evaluated relatively low. The purchasing manager at company A, who is responsible for importing and selling food and beverage, said, Korean products are superior in quality and design. However, they are somewhat expensive. The manager also pointed out, It is true that Chinese consumers prefer Korean products because of the influence of Korean wave, but if the products are over 30 percent more expensive than the similar Chinese products, they would not purchase them.

     

    The report analyzes that Korean products are behind the advanced countries such as the United States, Japan and the EU, and ahead of China. However, for Chinese consumers, the gap is declining rapidly. The purchasing manager of the second largest shopping mall in China said, "Korean products are lacking in details such as packaging compared to Japanese products, and brand recognition is lower than that of the American and European products." The manager advised, "Korean companies need to raise its brand value with premium products."

      

    The buyers selected cosmetics (23.9%), food (15.6%), beauty products (13.1%) and baby products (8.5%) as the most promising items in the future.

    The purchasing manager of a global shopping mall said, "The Korean cosmetics, food and cosmetics products will continue to gain popularity with their high quality and safety," and stressed, Since the Chinese government abolished one child policy recently, the market for baby products is the most important area that Korean companies must pay attention to.

      

    Lee Bong-geol, a researcher at the Institute for International Trade, said, China's consumer market will grow into the world's largest market beyond the US market. The researcher advised, Korean companies need to raise awareness of the brand value of Korean products through international exhibitions and conferences, while the government and related organizations try to create a favorable trade environment between Korea and China.

     

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