3 Reasons Why CMOs Should Care About CNY
Today marks Chinese New Year, big festivities are going on in China. What’s the big fuss about? Well, it’s one of the biggest holidays for Chinese people.
And why is this important again? Because you’re an early bird and are eager understand a market that will most likely change the world economy. Chinese New Year is a very interesting holiday marketers should pay close attention to.
Chinese New Year festivities lasts almost two weeks. During this time they eat festive meals, visit relatives, gift red envelopes which contains money. The list goes on but you can probably look it up in Google for more detailed info about these traditions.
There’s a big chance you’re reading this and your current business opportunities probably are in the Western countries. So why should you even bother investing and reaching out to Chinese consumers?
1. The digital space growing at an insane pace
Twitter has over 465 million registered users. The last milestone from Twitter was reported by The Next Web with 25,088 tweets per second.
During this year’s Chinese New Year festivity Twitter-like service Sina Weibo reported a smashing 32,312 tweets per second. Sina Weibo has 250 million registered users. And let’s not forget about the 500 million internet users China holds.
2. Western brand preference
According to a study from China Market Research Group one of the main concerns Chinese consumers have is product safety. With scandals going on about poisoned baby food or paper made out of garbage it’s no wonder these concerns arise. As an alternative consumers tend to switch to the safer Western brands.
3. Global shifting markets
According to Reuters the middle class will see a dramatic shift globally. Asian countries China, Indonesia, India, Vietnam, Thailand and Malaysia currently represent 30% of the middle-class income. By 2030 this number will jump up to 64%, this will account for over 40% of global middle-class consumption.
As countries are shifting in the global economy so should brands. Learn all the important Chinese holidays and turn it to your advantage.
The Chinese market may be crowded by copycat brands, however the need for top quality brands delivering high standard products is higher than ever. So are you focusing your business on the Chinese market yet?