破解中国消费者密码（英文版）.pdf

Not to be distributed without permission.CONNECT WITH US 2018 Euromonitor International Cracking the Chinese Consumer Code Euromonitor International Contents 1 Introduction 2 Premiumization vs. Personalisation 5 Serving the Increasing Speed of Life 8 Luxury vs. Middle-Class Millennials 11 Generation Z Drives Future Consumerism 13 Better for You, Better for the Planet 16 Travel 18 List of Reports 19 How Can Euromonitor International Help? Euromonitor International Thanks to growing household income in China, consumers pursuit of better quality products is still on the rise. The increasing popularity of premium products has been seen especially in beauty products, packaged food, alcoholic drinks and home appliances. Distributors from all channels are making efforts to enhance the shopping experience to win over consumers hearts on a daily basis. Rapid development of e-commerce and delivery service in China has been another crucial contributor to the value growth pick-up in Chinas overall retailing market in 2017. In China, the luxury goods market in 2017 outperformed 2016, reflecting a move from outbound to inbound consumption. The consumer profile of Chinese tourists who still buy luxury internationally, such as in France, is evolving: they are becoming more demanding and selective with a noticeable increasing number of millennials. Gen Z is another significant consumer demographic besides millennials. China has the worlds second biggest Gen Z population. While its a smaller group with a relatively low actual income, their purchasing power should not be underestimated. While todays global consumers are constantly looking for products that are better for themselves, they are also seeking a more positive impact on the environment. In China there is a significant difference in ethical interest across income levels. In addition to Chinese consumers growing disposable incomes, improved infrastructure and internet technology are fast-forwarding Chinas travel industry. Introduction Euromonitor International With growing household income in China, consumers pursuit of quality products, such as premium beauty and personal care, premium alcoholic drinks and smart home appliances, is expected to continue. Premium beauty Premium colour cosmetics registered the strongest value growth in 2017, due to the stellar performance of premium lip products. Lip products, the easiest to use among all colour cosmetics products is a growing must-have item for most female consumers in China. Premium colour cosmetics is forecasted to see dynamic value growth, driven by rising disposable incomes and consumers upgrading in personal grooming to quality colour cosmetics. Premium lip products is expected to continue to lead the way in terms of growth momentum. Premium pharma beauty and personal care recorded dynamic value growth in 2017 in China. Some pharma brands are quite active in beauty and personal care, represented by Avne, La Roche-Posay and Vichy, ranked in the top three places among all pharma brands in China. Local pharma brands are also emerging, represented by Winona. Pharma beauty and personal care is projected to remain strong in terms of value growth momentum, fuelled by consumers rising pursuit of functional and medical products able to achieve apparent efficacy, such as whitening and anti-ageing. However, competition is also expected to intensify with the entry of new domestic brands. Premiumization vs. PersonalisationPremiumization vs. Personalisation 3 Euromonitor International more information about the beverages they are consuming. For example, more wine-tasting classes and new products launches with specific details are becoming available. Products today provide information such as the number of junipers used in a product, how many times it has been distilled, the origin of the water, down to the specific, unique, sometimes functional and health benefits of every tiny component of the drink. The growing interest among consumers who want to know more about the products they drink has led to a growing preference for premium and high-quality products. Smart devices According to Euromonitor Internationals socioeconomic data, China is anticipated to record a GDP growth of 9.6% in 2018, which is slightly weaker than the growth seen in 2017. Categories such as computers and peripherals are expected to be adversely impacted by the slowing economy, as consumers are tending to lengthen the replacement rate, and switching to the smartphone as an all-in-one device. With rising disposable incomes, consumers tend to seek high-quality products that offer the best in terms of user experience. Full-screen smartphones, large-screen TV s with higher resolutions such as 4K and 8K are favoured by consumers due to their visual quality. Full-HD screens are being offered within gaming laptops to immerse gamers into the gaming world. Mainland Chinese consumers are also not satisfied with appliances featuring just a Wi-Fi connection. They are seeking even smarter functions. Leading players must explore true smart homes, such as cooperating with third party fresh food sellers so food can be purchased automatically when the fridge is empty. Alcoholic drinks A new, more globally-minded generation born after the mid-1980s is exercising strong influence on the market. They are willing to choose more expensive options for higher quality and are demanding unique and individual experiences. To capture share and grow sales, manufacturers attract these consumers with high-end or personalised products. For instance, China Resources Beer (Holdings) Co brews a new premium lager called Gai Nian. The new offering uses selected unhusked rice as well as imported yeast and hopes to offer consumers a fresher taste. In addition to product innovation, there is also the need for continuous creativity in packaging. Niulanshan Distillery Co launched a new product under the Bei Er Niu brand. The packaging is printed in Beijing dialect and expresses a cordial and positive attitude, which emotionally connects to the Pekingese, especially the younger generation. Another example is Budweiser Wuhan International Brewing Co, which invited brand ambassador Eason Chan to design packaging for its beer. Consumers welcomed this product as it is a limited and special edition. With the economic recovery in Hong Kong, consumers have begun spending more freely. As a result, the premiumisation trend is once again fuelling the growth of alcoholic drinks. Hong Kong is a highly competitive society with many leading busy and hectic lifestyles. Increasing disposable incomes in Hong Kong are resulting in higher spending power and people are purchasing quality alcoholic drinks to balance their busy lives and as a way to treat themselves. The premiumisation trend will increasingly be driven by “treat-seeking”, with premium brands that market themselves to consumers as a treat, or for a special occasion. This has caused consumers to actively seek out 4 Premiumization vs. Personalisation Euromonitor International Consumers are not only seeking high quality sound when enjoying music, but are also looking for more- realistic audio effects when watching content and playing games. Both TV s and laptops are being equipped with an advanced speaker system. For example, in the mid-priced range, Xiaomis latest gaming laptop is equipped with a high-quality Dolby panorama sound system. Within the premium segment, the Hisense L6 laser TV comes with a premium sound system from Harman Kardon. Accessories Personalisation of accessory products has gained ground as younger consumers, especially those born in the 1980s and 1990s, tend to favour trendily designed products that suit specific needs and pursuits. Themed personal accessories also gained popularityproducts designed to be given as gifts on special occasions such as parties for new babies, weddings or traditional holiday celebrations. Examples introduced in 2018 include Swarovskis Latisha Mothers Day range and Chow Sang Sangs La Pelle Akoya pearl range. The ongoing health and wellness trend contributes to greater interest in sports-themed products, such as Patek Philippes Nautilus watch range that can be worn during exercise. Euromonitor International The overall retailing market in China saw a pick-up in current value growth in 2017, driven by the rebound in value growth in supermarkets, hypermarkets, traditional grocery retailers and homeshopping compared with 2016, in addition to the continued robust double-digit value growth in internet retailing. Chained supermarket players made efforts, such as offering free home delivery, to promote sales and boost shoppers experience in small- and medium-sized outlets located in neighbourhoods. Homeshopping recovered from decline by catering to consumers on-the-go purchases via smartphone apps launched by players in this channel. Consumer foodservice maintained solid growth momentum in outlets, transactions and value sales in 2017, driven by the increasing need for dining out amid accelerating lifestyles and reduced time to cook. The steady growth was also supported by rising disposable incomes in China. Purchase, pay, deliver Although grocery retailers still held the leading position in the retail distribution of fresh food in 2017, internet retailing registered explosive volume growth in China. Thanks to improved cold chain logistics, frozen and chilled food can be sold at reasonable prices via internet retailing. Hence, internet retailing of fresh food has rapidly penetrated from high-tier cities to middle-tier cities. Also, the fast delivery of internet retailing platforms such as JD offers consumers a more convenient shopping experience than visiting store-based retail channels. Cash and cards are the primary payment methods amongst Chinese consumers, with cash payment being increasingly eroded by mobile payment using Alipay and WeChat Wallet. Card payment is more popular in modern retail channels, represented by department stores and electronics and appliance specialist retailers. Cash payment is more widely adopted for transactions with small value, such as in traditional grocery retailers. Mobile payment registered explosive growth in China in 2017, due to its convenience, security and efficiency. In top-tier cities, average consumers can make purchases without cash or card, thanks to the prevalence of Alipay and WeChat Wallet. These cashless payment methods are also rapidly penetrating Serving the Increasing Speed of Life6 serving the increasing sPeed of life Euromonitor International lower-tier cities and even rural areas. According to Euromonitor International, mobile digital purchases have experienced an annual growth of 39% to reach RMB 6,640 billion by 2017. Alongside the dynamic growth of internet retailing and mobile payment, delivery and logistics in China has also experienced robust growth, particularly cold chain management to ensure online sales of fresh food. ExFresh, for instance, doubled its cold chain storage area to 24 bases, boasting a total of 280,000 sq m in 2017. To enhance its delivery service standard, instead of relying on third parties, JD set up its own JD Logistics unit in 2017. The company plans to further boost logistics automation to enhance efficiency by improving automated warehouses and introducing drone deliveries. Hong Kong is one of the most densely populated areas in the world with extensive networks of physical stores, high computer literacy and easy access to the internet. E-commerce has continued to progress with the support of various electronic payment methods, myriad delivery options and wide product ranges of increasing online marketplaces. Store-based retailers have been moving online and pure internet players are emerging and developing. Neither has blindly poured resources into just expanding marketplaces in the virtual word; instead they actively built omnichannels to deliver convenience to the citys busy consumers. They are now trying hard to overcome the challenges of tracking sales, data analytics, inventory management and providing same-day delivery and pick-up services. Many of them do not stay with their original selling channels but pragmatically travel between electronic platforms and bricks-and- mortar stores taking the respective advantages of both, leading to channel blurring and strategic agility as well as advancements in diverse e-commerce options.serving the increasing sPeed of life 7 Euromonitor International Dine out Due to expanded choices in Chinese cuisine, consumer foodservice is highly fragmented, with the leading 10 players accounting for single-digit combined value share in 2017. International players hold the leading positions in the fragmented landscape in 2017, led by Yum! Restaurants China, McDonalds China and Starbucks Corp. These leading multinational players, strong in fast food and specialist coffee shops, opened new-concept outlets to entice local consumers with improved in-store experience amid fiercer competition, including KPro by KFC , Future 2.0 store by McDonalds and Reserved Roastery by Starbucks. Domestic companies are strong in bubble tea, under street stalls / kiosks, as well as hot pot restaurants, under full-service restaurants. Cooperating with an extensive range of full-service restaurants, third party online ordering / delivery services offered by the large O2O service providers (online to offline), such as Ele.me and Meituan, have successfully attracted a solid base of loyal consumers, for their wide range of choices, from mass to premium dishes, as well as convenient home delivery service. As a result, 100% home delivery / takeaway, dominated by pizza 100% home delivery / takeaway in China, was greatly affected with slowing growth in value and transactions. Moreover, third party online ordering / delivery service platforms consistently run aggressive promotions, such as free drinks with a meal and free cash voucher, making it more attractive to price- sensitive consumers. In addition, designated delivery times decided by consumers also provide greater convenience. With advanced technology and an established delivery team, leading third party online ordering / delivery service providers can send ordered dishes to consumers within 30 minutes. Such convenience and competitive pricing with heavy promotions eroded the growth momentum of 100% home delivery / takeaway, leading to the drastically decelerating growth in value sales, outlets and transactions in 2017. This slowdown is expected to continue. Euromonitor International Luxury vs. Middle-Class Millennials Overall, luxury goods in China outperformed the previous year in 2017, demon