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More Chinese Consumers Are Choosing Local Brands Over Foreign Ones, PwC Says
Liao Shumin
DATE:  Sep 17 2021
/ SOURCE:  Yicai
More Chinese Consumers Are Choosing Local Brands Over Foreign Ones, PwC Says More Chinese Consumers Are Choosing Local Brands Over Foreign Ones, PwC Says

(Yicai Global) Sept. 17 -- An increasing number of Chinese consumers prefer to buy domestic brands rather than international ones, and they are becoming more conscious of the impact that their purchasing choices have on society and the environment, according to a recent survey.

Thirty-seven percent of poll participants said they were buying more Chinese brands than they were six months ago, according to a report released by UK professional services firm PricewaterhouseCoopers yesterday. This is 13 percent more than those who said they still tended to buy more foreign brands.

Chinese consumers are more inclined to shop from a mixture of both online and brick-and-mortar stores, compared with consumers in other parts of the world, the 2021 Global Consumer Insights Survey China report said.

Successful Chinese brands are also doing well in overseas markets. Eighteen Chinese brands were inducted into the Kantar BrandZ Most Valuable Global Brands Top 100 this year. A number of global companies are also collaborating with Chinese brands to raise their profile and cultural relevance in the country.

Concepts of sustainable consumption and concerns about climate change have never been more popular in China, the report said. Some 74 percent of those surveyed said that they prefer to buy products with environmentally friendly packaging or with less packaging. This compares to 55 percent of those polled across the globe.

The Covid-19 pandemic has not dampened young consumers’ penchant for spending, the report said. They remain confident about their level of income and are not as sensitive to pricing as older generations. They are also more prepared to splash out on tourism, fashion and dining out and their spending in these areas should soon outstrip those older than them.

The Generation-Zers are very aware of data protection, the survey said. Some 64 percent of respondents said that retailers must show transparency in how they handle and protect user data to gain trust.

Editor: Kim Taylor

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Keywords:   Pricewaterhouse Coopers,Chinese Consumers,Survey