The affluent Chinese prefer
Big foreign brand names continue to dominate as top brands for the affluent Chinese consumer, with the environment and quality being key factors determining brand choice, according to a survey by MasterCard.
The latest Insights report Brand Preference of the China Affluent confirmed that brands are important to the affluent consumers in China, with those in Shanghai and Guangzhou placing greater emphasis on brand names compared to their counterparts in Beijing. Among the various brands, the affluent continue to favour foreign brands over domestic brands. Shanghai has the highest percentage of affluent consumers stating a preference for domestic Chinese brands.
While quality is the most important attribute behind brand preference, the Chinese are also stating that being environmentally friendly was as important.
“In stating their brand preference, the affluent consumers of China demonstrate a high degree of sophistication; and their preference for well-known foreign brands are not simply driven by the demand for status symbols as commonly assumed, but real concerns over product quality, design, and environmental considerations,” said Dr. Yuwa Hedrick-Wong, economic advisor, Asia/Pacific, MasterCard Worldwide.
The study, based on a survey of 1800 qualified respondents (600 each in Beijing, Shanghai and Guangzhou), identifies the top brands of affluent consumers in key spend categories, such as automobiles, consumer electronics, fashion, sports wear, jewellery, airlines, alcoholic drinks and shopping destinations.
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