Understanding the Demand of Wealthy Chinese Consumers at CIIE

Wealthy Chinese Consumers Drive Demand for Premium Brands

The China International Import Expo (CIIE) recently showcased the strong demand from wealthy Chinese consumers for premium products. Foreign retailers, including Ikea and Muji, are expanding their presence in China, recognizing that quality and reliability are the main priorities for affluent buyers.

Ikea's Commitment to Quality and Adaptability

Cindy Ruan, vice-president of Ikea China, emphasized the need for retailers to adapt to the evolving tastes of Chinese consumers. The challenge lies in designing products that meet their high expectations and preferences.

Strategic Expansion Plans by International Retailers

During CIIE, Osim reported remarkable interest in their premium massage chairs, priced at 40,000 yuan (US$5,582). Lily Yang, assistant brand director of Osim China, noted the company would continue expanding in cities like Suzhou and Chengdu, aiming to capture the lucrative market further.

Consumer Focus on Sustainability

• Analysts noted that 78% of consumers prefer sustainable products, indicating changing buying patterns.
• Derek Deng from Bain & Company highlighted that trust in large companies plays a significant role for consumers.

These trends underline the significant potential for premium retailers in the world’s second-largest consumer market.