Understanding China’s Consumers
With the rapid evolution of the Chinese consumer market, China’s economic development is catching up fast with the Western standards. Its consumer base is evolving, multi-layered, and has highly differentiated needs. As e-commerce and distribution-building in China are reaching maturity, the next phase of the consumer market in China belongs to the product makers. Such product makers don’t just drive product innovation, but pioneer business model innovation. Interestingly, this change has its roots and support from traditional societal values.