Credit: MillwardBrown | BRANDZ
Business leaders in much of world have sought for a long time to build local, regional and global brands that add significant value to their organizations. Today, in China, we see the same phenomena emerging as Chinese brands move from being local to regional to national and now to global entities.
China’s people drive the change. Historically, the people of China generally have been savers rather than spenders. However, as the economy strengthens the Chinese are changing and causing the businesses they buy from to change too. Government policies and initiatives encourage the formerly conservative Chinese consumers to release some of their hard earned money and spend it on goods and services, driving GDP growth.
This slow but steady, and now very noticeable, transformation is affecting every business across China. Consumers are learning to buy more products and services for reasons other than price. They’re paying attention to brand.
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