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In Accenture’s 2011 Global Consumer Pulse Research, we observed that Chinese consumers are extraordinarily curious. That finding was confirmed in our most recent research. More than two-thirds of survey respondents expressed their willingness to try new products; only 10 percent of respondents claimed to be unwilling to try new brands or products.
This bodes well for consumer packaged goods companies and retailers that are able to take advantage of industry convergence to offer entirely new products, services, and experiences to consumers. It also presents opportunities for companies looking to accelerate the pace of your go-to-market strategies with new products.
Return to "Winning One Billion Consumers in China"
According to Accenture’s 2013 Global Consumer Pulse Research, the financial impact of brand switching is significant. It is estimated that revenue loss due to brand switching in China in 2013 neared US$1.2 trillion. That makes it the second-largest switching economy in the world, accounting for 23 percent of Chinese consumers’ annual disposable income.
The willingness of Chinese consumers to seamlessly transition between brands and products represents both a challenge and an opportunity for CPG companies and retailers. Consider these key findings:
According to our survey, about 40 percent of consumers reported they switched retailers in the past year. Approximately 60 percent of those consumers switched because of a negative customer experience.
Urban Chinese consumers are highly brand conscious when choosing what and where to buy. Thanks to the much greater availability and range of brands, urban Chinese consumers are constantly evaluating new products; only half of our survey respondents indicated they were committed to a specific brand when purchasing food products of daily necessities.
July 22, 2014
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