Since China decided to open up their market to the world, known as 改革开放，Gaige Kaifang in 1978 major trade opportunities have developed from having access to such a large number of clients.
China is a country that loves technology and is developing faster than anyone could have predicted. As the country becomes richer, so does it’s people and thus their desire for modern products and fashionable items grows. The picture above highlights the level of development in only 20 years.
Major brands such as Apple, Intel, and Gillette and taken the country by storm, offering high quality products. Furthering this, there is a growing sense of consumerism here with locals opting to spend more on luxury items, such as coffee. Thus whilst China is still a developing country, even those who don’t earn a lot are willing to pay for high end, luxury products.
The fashion industry has also become highly popular among the richer population, with designer brands being displayed in every shopping centre. These brands often use western models and designs, which attract customers who want to show off their wealth. Beauty products, especially for women have taken off as some of the most popular foreign items for women,often being seen as better quality than their Chinese counterparts.
If you are looking to expand your business, the Chinese market is probably the best way to go. Locals are willing to pay top dollar for products which they believe are trustworthy and valuable. This creates a market for expensive goods in China, as it provides locals with an outlet to demonstrate their wealth and success.
By cleverly marketing your products as high end, expensive and with a modern feel, you’re business is likely to boom in the Chinese market. And remember, for many Chinese , when buying luxury items, west comes out best.
For more Chinese business insights, check out one of our interns blogs at https://chinesebusinessblogblog.wordpress.com