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The insights gleaned from Accenture’s latest research can help consumer packaged goods (CPG) companies and retailers begin to craft strategies for growing their businesses in urban China.
To create long-term differentiation in the market and highly targeted offerings, CPG companies and retailers should dig even deeper into the attributes of the consumers they are trying to reach. Using an advanced analytics-powered segmentation model to generate more granular insights of consumer patterns, Accenture’s research distinguishes one set of consumers from others in a way that allows CPG companies to make strategic investments to target these consumer segments.
Return to “Winning One Billion Consumers in China”
Accenture used a consumer segmentation model based on the data collected through the research. We applied analytics to create distinct buyer profiles based on multiple dimensions that go far beyond income levels and spending patterns.
Specifically, we examined survey respondents’ attitudes toward shopping, their consumption needs, their buying power (versus their buying intent) and the factors that come into play when they make their purchasing decisions. With this model, an almost limitless number of attributes can be assessed and quantified.
Accenture’s research revealed eight distinct middle-income segments among urban Chinese consumers:
Fashion-Forward Consumers: The digital generation, focused on fashion trends and high quality, are keen on the Internet and digital technology.
Young Urban Professionals: This bourgeois group of consumers seeks self-esteem in their pursuit of quality and personalized services that represent social status.
Exclusive Service Buyers: Demanding, high-income, urban-dwelling white-collar workers; seek service excellence, personalized experience, performance and efficiency.
Conservative Middle-Income Shoppers: Well-off group with satisfactory living standard in their pursuit of comfort and decent quality.
Internet Civilians: A young, motivated group with general spending power, enthusiastic for digital technology, typically associated with the Internet.
Thrifty Householders: The middle-aged, home-focused group, cautious and conservative in their pursuit of practical and economical goods and services. Focused on children’s expenditure and lifestyle, save up to support children’s expenditure.
Aspirational Wage Earners: Wage earners who lack strong spending power but pursue convenience and enjoyment, are progressive and open-minded in their consumption.
Price-Sensitive Families: Cost-conscious men and women seeking affordability for their families.
August 11, 2014
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