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  • The 800 Pound eCommerce Gorilla

    dwshorowitz:

    Only 40% of China’s 1.3 billion population currently uses the Internet, and China’s per capita income is 1/11th that of the US, yet per capita eCommerce spending by Chinese consumers is 78% that of US consumers.

    China’s eCommerce tidal wave:

                            2011       2012       2013         2014        2015

    USA ($B)           188         209         230           250          270

    Growth Rate                     11%       10%           9%           8%

    China ($B)         125         194         265           348          445

    Growth Rate                     55%       37%          31%         28%

    In case you were unaware of the momentum, potential, competitive landscape, and nuances of eCommerce in China, here’s a wonderful infographic.

    image

    Source: venturebeat.com
    • 2 weeks ago
    • 2 notes
    • #eCommerce
    • #China
    • #China Market
    2 Comments
  • China Steps Up Buying In US

    Chinese firms are on the prowl for US companies. The acquisition spree is just getting started for the following reasons:

    1. Chinese firms are flush with cash. 
    2. Chinese firms want to acquire established businesses and their brands to accelerate an otherwise painfully slow US market entrance requiring brand development.
    3. Chinese firms are looking to secure intellectual property to enhance their current product offerings.

    As Shaun Rein emphasizes in his acclaimed book The End Of Cheap China, acquisitions led by Chinese firms need not be looked at in a negative light. Comparatively inexperienced with Western business best practices, Chinese companies are typically disinterested in overtaking operations. Instead, they tend to invest passively and keep senior management in place. The healthy balance sheets of these acquirers allows for increased investment which fuels US job creation.

    • 1 month ago
    • #M&A
    • #China
    • #USA
    0 Comments
  • Hurun Report: Psychology and Habits Of Chinese Millionaires

    We wanted to share these incredible China market insights. Equip your company with the knowledge necessary to turn China into a primary market for your products. 

    Hurun Report presents findings from Chinese Luxury Consumer Survey 2013:

    • Luxury watch industry has tough year with only Longines listed as a preferred watch brand for gifting, coming in at fifteenth
    • Millionaires don’t sleep much, only 6.5 hours a night.  At the weekend, half an hour more.
    • Burberry, Gucci and Montblanc jump into Top 10 Preferred Brands for Gifting
    • The super-rich spend a third of their time on the road, 9.2 days a month
    • Australia out of Top 3 as preferred luxury destination for first time since 2006
    • France most popular luxury destination, Britain rises to fifth
    • Switzerland is the year’s big performer as an education destination
    • Millionaires prefer the internet to source news, TV is down to fifth place from first last year
    • The wealthier Chinese millionaires are, the more unhappy they are
    • Chinese Millionaires are concerned with improving their health and family life

    (Shanghai, 15 January 2013) The Hurun Research Institute today released the Hurun Report Chinese Luxury Consumer Survey 2013. The survey reveals the lifestyle and brand preferences of China’s wealthy consumers, and is intended to provide a holistic understanding of the spending habits and lifestyle changes of this burgeoning, influential and ever-changing consumer class. This year the survey included questions for the first time on the ‘happiness index’ of these wealthy consumers.

    The Survey also ranks the brand preferences of the Chinese luxury consumers, which are presented at the annual Hurun Best of the Best Awards today.  2013 is the ninth year of the Hurun Report Chinese Luxury Consumer Survey and Hurun Best of the Best Awards.

    Preferred brands for gifting

    Moutai has struggled this year, falling to thirteenth place in the Preferred Brands for Gifting, down from fifth last year.  This drop in popularity came on the back of a public debate about whether government officials, the largest customer base for Moutai, should be allowed to consume a brand which is effectively a luxury brand with its main product retailing at RMB 1800 a bottle, and also a health scare involving the use of plasticizers. Moutai is the only Chinese brand to make the list of preferred brands. French wine maker Chateau Lafite was the only drinks brand to make the Top 10 brands for gifting, a clear representation of the Chinese luxury consumers’ newfound love of wine.

    The luxury watch industry has had a tough year, perhaps brought on by bad PR for the industry following cases involving financial irregularities of government officials and watch ownership. Swiss watchmaker Longines was the only watch brand to make the list, coming in at fifteenth place, and replacing the more expensive Rolex brand, which dropped off the list altogether this year.

    French gifts are still all the rage, dominating the list. Accessories (leathers etc.) are the gifts of choice. The UK has an entry in the Top 10 this year, with fashion brand Burberry. Luxury brands Gucci and Montblanc also performed particularly well this year, both breaking into the Top 10 for the first time.

    Apple moved up to second place for Preferred Brands for Gifting by Men, from fourth place last year.  LV and Chanel were top for Preferred Brands for Men and Women respectively.

    Hurun Report Founder and Chief Researcher Rupert Hoogewerf said, “This year, there is a clear trend towards gifting more modestly-priced top luxury goods.”

    Best Brand for Gifting by Men

              Brand                      %      Key Gifting Category       Country

    1. Louis Vuitton         13.9     Accessories                       France
    2. Apple                      8.9      Electronics                        US
    3. Hermès                   7.2     Accessories                       France
    4. Chanel                    6.7     Apparel, Accessories         France
    5. Cartier                    5.6     Jewelry, Watches               France
    6. Gucci                     5.0      Accessories                       Italy
    7. Montblanc              4.9     Pens, Accessories             Germany
    8. Dior                        3.9     Accessories                        France
    9. Burberry                 3.3     Apparel, Accessories         UK
    10. Château..Rothschild 3.0  Alcohol                                France
    11. Armani                    2.9    Apparel, Accessories          Italy
    12. Prada                     2.8     Apparel, Accessories          Italy
    13. Moutai                    2.2     Alcohol                               China
    14. Tiffany & Co           1.9     Jewelry                               US
    15. Longines                1.7     Watches                             Switzerland

    Source: Hurun Chinese Luxury Consumer Survey 2013

    Best Brand for Gifting by Women

               Brand                    %     Key Gifting Category         Country

    1. Chanel                 15.9    Apparel, Accessories..         France
    2. Louis Vuitton        14.3    Accessories                         France
    3. Cartier                  11.1   Jewelry, Watches                 France
    4. Tiffany & Co         10.6   Jewelry                                 US
    5. Apple                     7.9    Electronics                           US
    6. Montblanc             6.4    Pens, Accessories               Germany
    7. Gucci                    6.0    Accessories                          Italy
    8. Prada                    4.8    Apparel, Accessories            Italy
    9. Dior                       3.2    Accessories                          France
    10. Burberry               1.6    Apparel, Accessories            UK

    Source: Hurun Chinese Luxury Consumer Survey 2013

    Personal Investments

    Property is still the key personal investment option for most surveyed (over 60%), despite increased government control on property purchases and a generally poor market. Shares are again in second place, but the % of those listing it as an investment fell to its lowest figure in 4 years. 

    Confidence

    One in four are extremely confident when asked on the economic future, even though this number has fallen to a four year low, the figure is still surprising considering confidence levels in Europe and the US. Those who responded “not confident” rose this year to 9%, still a relatively insignificant number, but again, the highest since records began four years ago.

    Social Responsibility

    Tax is still considered the best way to be socially responsible, and environmental concerns are still important, especially among respondents who are over 45.

    Collections

    One in three respondents classify themselves as watch collectors, which is still by far the most popular collectible, however, this does represent a significant fall in popularity compared to three years ago, where one in three collected watches.

    The popularity of Contemporary art collection continues its downward trend, falling in position again this year.

    Trophy property collection is on the up and is considered by a growing number of Chinese luxury consumers to be an essential jewel in their collection portfolio.

    Travel

    Travel is the number one leisure activity. However, Chinese super-rich are going overseas less – 3.4 times a year compared to 4.2 the year before. Chinese super-rich are also on the road less than the year before, 9.2 days a month, three days less than last year. Sanya is the most preferred holiday home destination. 

    Best International Luxury Destination

                        2013                           2012

    1.          France                        France
    2.          U.S.A.                         U.S.A.
    3.          Singapore                  Australia
    4.          Switzerland                Maldives
    5.          UK                              Japan
    6.          Italy                            Switzerland
    7.          Australia                     Dubai
    8.          Dubai                         Hawaii
    9.          Germany                    Singapore
    10.          Maldives                    Canada

    Source: Hurun Chinese Luxury Consumer Survey 2013

    Australia’s popularity has fallen dramatically from third to seventh on the list of favoured international holiday destinations, the first time it has fallen out of the Top Three since 2006. The Maldives, which shot into and then remained in the Top 5 for two years, falls to tenth, possibly indicating that the island destination is going out of fashion. Most notable, is the surge in popularity of Europe as a luxury destination, which had its most successful result since our records began, with half of the Top 10 destinations, European. The UK, perhaps on the back of the London Olympics, is in at number five and Switzerland has also performed well. This year, Japan dropped out of the Top 10.

    Sports

    Swimming is the hobby of choice according to the results, beating golf to top spot. Both swimming and golf have taken the top two sports in recent years. The surprising result was that of Horse riding, which is up to fifth and is the fastest rising sporting pursuit among China’s wealthy.

    Study Abroad

    There is no change at the top on the previous year’s results for study abroad preferences with the US ahead, followed by the UK and Canada. Australia dropped a place to fifth and France jumped from ninth to seventh.

    Media

    In terms of media preference for accessing news, TV dropped to fourth from first place last year. The internet was the medium of choice for news, followed by newspapers in second and magazines in third.

    Millionaire Happiness Report

    The inaugural Millionaire Happiness Report is a sub-report of the Chinese Luxury Consumer Survey 2013, documenting the satisfaction that Chinese millionaires have in their lives. In general, the report shows that the richer you are, the less happy you are.

    The report shows that Chinese millionaires don’t sleep that much, 6.6 hours on average during the working week. The Chinese super-rich, fall into two categories, those who are workaholics and those who are winding down, supposedly toward early retirement.

    Self-made female millionaires are more likely to be divorced, 35% of the respondents, with an average age of 37 years, are either divorced or remain unmarried which is twice the figure amongst their male counterparts.

    Men consider setting up their own company as the happiest moment of their life, whereas women consider theirs to be falling in love. 

    Both male and female millionaires are dissatisfied generally with their health and want to spend more time with their children.

    For their children, Chinese super-rich wish most that they will either become entrepreneurs themselves or take over the family business.

    Millionaires and the super-rich are better educated than expected, with 43% and 56% respectively claiming to have a post graduate degree, mostly Executive MBAs.

    Methodology

    Between June and December 2012, the Hurun Research Institute, a wholly-owned subsidiary of Hurun Report Inc, surveyed 551 Mainland Chinese ‘millionaires’, defined as individuals with a personal wealth of RMB 10 million (equivalent to USD 1.6 million / Euro 1.2 million / GBP 1 million). Amongst them were 69 super-rich individuals with wealth of RMB 100 million (USD 16 million / Euro 12 million / GBP 10 million). Their average age was 38 years (40 among the super-rich band); the ratio of men to women surveyed was 7:3. Respondents were from 31 first and second tier cities. The Hurun Research Institute has carried out this survey now for nine years running, making this the largest and most authoritative survey of its kind in China.

    This press release is an executive summary of the Chinese press release.  For the full press release, please refer to the Chinese-language version on the www.hurun.net website.

     

    About Hurun Report Inc.

    Nobody Knows China’s Rich Better!

    Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading luxury publishing group based in Shanghai, China. Hurun Report Inc. has a stable of four luxury magazines, the Hurun Research Institute and an active business events division targeting China’s entrepreneurs and high net worth individuals.

    The flagship Hurun Report magazine is published monthly and reaches the households of 110,000 proven wealthy Chinese individuals and their advisers. Hurun Report is best known for its annual Hurun China Rich List, widely considered the bible of wealth and de-facto Who’s Who of Chinese business.

    Hurun Report Inc. also publishes The Schools Guide Series and Wings & Water.

    The Schools Guide Series explains the respective education systems of various destinations such as the UK, US, Canada, Australia and New Zealand, Switzerland and Singapore, issues parents need to take into consideration when making the transition from the Chinese system, and lists the top preparatory, secondary and undergraduate schools.

    Wings & Water is for the so-called lion kings of China; those individuals who lead industry and shape opinions. It addresses the needs of those entrepreneurs looking to purchase a jet or yacht, as well as setting out how to maintain these big and costly machines.

     

    For further information, see www.hurun.net.

     

    傅吟秋  Angel Fu

    胡润百富 市场部

    电话:021 - 5010 5808*160

    手机:137 6432 9969

    邮箱:[email protected]

    Source: hurun.net
    • 1 month ago
    • #Hurun Report
    • #2013 Best Of The Best
    • #China
    • #Millionaires
    • #Spending
    • #Psychology
    0 Comments
  • A Swiss Army Knife For Doing Business With/In China

    23 months ago I was watching Bloomberg TV - on a short list of my favorite channels - when I encountered the fresh perspective of a man named Shaun Rein. Rein, Founder and Managing Director of Shanghi-based China Market Research Group, was brought on the March 2011 show to field questions about bearish outlooks on China from several Western thought leaders including famed hedge fund investor Jim Chanos.

    Having spent over 3 months in China the previous year, during which I met extensively with business owners, real estate developers, and government officials, I felt fairly informed about China’s economic development. While visiting cities such as Shenzhen, Dongguan, Guangzhou, Beijing and Tianjin, I couldn’t help but believe the real estate sector was overheated in a manner that, if not properly addressed, would comprise China’s socioeconomic stability and continued economic growth trajectory. A jungle of cranes and skyscrapers as far as the eye can see (which admittedly, in many cities blanketed by a thick and ominous fog, is not necessarily too far), and vacant, speculatively held properties exceeding $3,000 per sq. meter were enough red flags to catch my attention.

    But Rein made a compelling case as to why China, facing 10-20% wage and commodity inflation, and guided by prudent economic stewardship, was not threatened by a looming collapse of its real estate market. I wasn’t yet convinced, but I was listening. (Video: Bloomberg TV)

    A few weeks later, while surfing the web, I stumbled upon a CNBC article titled “Why Best Buy Failed In China”, written by who other than Shaun Rein. This guy was popping up all over the place, and for good reason, his uncommon insider’s perspective was, arguably, more thoughtful than any other expert on China.

    Over the next few months, and a few articles later, I reached out to Shaun to thank him for his research-driven insights on the China market, and pick his brain about related topics. Shaun was gracious, responsive and genuinely interested in helping out fellow entrepreneurs entrenched in the international trade space.

    In November 2011, Shaun reached out personally to inform me of the forthcoming release of his highly acclaimed book; The End of Cheap China: Economic and Cultural Trends that Will Disrupt the World. Pleased to receive this news, I quickly secured my preorder on Amazon.

    In the Spring of 2012 I had the opportunity to meet Shaun at a Midtown Manhattan book signing and networking event. The venue was packed with successful China-focused intellectuals and businessmen from America, China, Korea, Russia and Africa, among other places. Equipped with a seemingly endless supply of anecdotes and market facts, Shaun captivated his audience, especially those less familiar with his enlightened thoughts.

    Sidetracked by the responsibilities of growing HD Trade Services, I was not able to write a review, until now.

    Chapter 1: Chinese Billionaires Outnumber American Ones

    Much to the contrary of conventional Western thought, Chinese businessmen are savvy and sophisticated. The most successful businesses in China are focused on building great brands, not copying Western intellectual property and business models. Further, Having experienced the depths of despair firsthand, economic momentum has created a palpable optimism looking into the future.

    Top Chinese companies have already successfully navigated treacherous domestic competition, the gradual process of brand recognition, and rising input costs, making them fit to compete on a global scale. For this reason, Rein cautions Western executives to beware of aggressive, fast moving, well capitalized Chinese companies which pose an underestimated competitive threat to established brands. 

    Not only has the day arrived when many Chinese firms offer products that are as good as Western goods, but many compete head to head on quality and innovation.

    Aided by rising nationalism, Chinese consumers will commonly select domestic brands of products believed to be of equal quality, even if they are more expensive. Domestic dairy company Mengniu - whose amazing Beijing plant I visited in January 2010 - prices its offerings at a premium to foreign brands as a way to establish the perception of superior quality among consumers. This is especially important in the dairy industry given rampant cases of tainted milk. 

    Rein asserts that Baidu, for example, accused of being a clone of Google, is actually a higher performing search engine for Chinese text, optimized to the preferences and nuances of the Chinese internet user. It doesn’t hurt, of course, that the Chinese government has greater confidence in domestic owned technology firms to responsively censor according to party mandates.

    In the 1990s, fewer than 10% of Western brands were profitable in China. Many became discouraged by consumers they thought would never value brands. This naive outlook did not consider that Chinese consumers in the 1990s had wholly different aspirations and needs than Western consumers. Today, as per capita income has quadrupled, over 80% of Western brands are profitable in China. Those that have patiently positioned their branding according to the evolving aspirations of Chinese consumers, have been rewarded handsomely. And it’s only the beginning. 

    Chapter 2: Cheap Chinese Labor? Not Anymore.

    The resultant of diminishing labor supply is a marked increase in manufacturing wages. In many manufacturing provinces we’ve seen year-over-year increases in excess of 20% for the past three years. This causal relationship is known as the Lewisian turning point. 

    Rising labor rates and the appreciation of the renminbi (Chinese currency) have made Chinese exports less appealing. Rein contends that factory owners engaged in export must shift their attention to the Chinese domestic market where consumer industries are experiencing double digit growth. 

    Finally, Rein points out that higher paying jobs are the key to avoiding widening income gaps, the classic downfall of emerging economies such as Mexico. 

    Chapter 3: Stability Is The Key To Happiness

    While the Chinese haven’t forgotten about the tremendous pain and suffering of the Cultural Revolution, a stable society and consistently improving quality of life brought about by economic reform has certainly contributed to generational happiness and contentment with the Chinese Government.

    The focus of the Chinese Government is on maintaining this consistently improving quality of life for all of its people. To achieve this, the central government is investing heavily in welfare programs and infrastructure development, and combatting corruption within local government. The central government is concerned about controlling and reducing episodes of social unrest. Given complexities of globalization and advancements in technology, this is easier said than done. Free speech - although valued - that threatens stability is therefore not accepted. 

    On the topic of free speech, Rein reminds us that the Chinese are not afraid to speak out against corruption in public and on internet forums. Over the past several years, censorship of leading international websites for news and social content has actually diminished noticeably. 

    Somewhat unrelated; Rein shares an interesting reminder that older Chinese are less receptive to brands and have not participated as equitably in the nations newfound wealth. Therefore, their Children are often responsible for purchase decisions. When selling products for use by older Chinese people, your best bet is to market to their 30-40 year old children. 

    Chapter 4: The Modern Chinese Woman

    Much has been reported about China’s one child per family policy which resulted in a disproportionate ratio of males to females. Not long ago, the strength of males was needed, on farms and construction projects, to support their families. Today, in many socioeconomic respects, women have achieved parity with men. Women now account for more than half of income, and there are more women in universities than men. In many families, women are the main breadwinners, while their husbands are commonly vacating unskilled factory positions to care for children. 

    Understanding women’s role in Chinese society is critical to the success of Western brands. Take, for example, the fact that women account for 55% of spending in the now $15.6 Billion luxury goods market. Women born from the mid 80s to date are raised as “princesses,” pampered and told that the sky is the limit. As a result, many women are becoming entrepreneurs; according to Forbes, 7 of the world’s 14 self-made women billionaires are Chinese. Women are spending freely, even on credit, with the expectation that wages and opportunities for substantial wealth creation are certain to grow. This is a potentially dangerous mindset can lead to a credit bubble. 

    When marketing to young women, understand that, because many were and are still pampered by their families, they are less mature. For this reason, they are more likely to purchase things that are “cute” - think Hello Kitty - than “sexy.”

    Snoopy-branded clothing is one of the hottest selling brands for twenty-something Chinese women…Barbie, by contrast, shut its $37 million store two years after opening. 

    When marketing fashion apparel, use a mix of Western and Asian models. Western models convey brand prestige, while Asian models show how styles look on similar body types. 

    Chapter 5: Why Chinese Consider Kentucky Fried Chicken Healthful

    Most Chinese, especially food and medical industry professionals, have lost faith in the safety of Chinese food. Oddly, many Chinese consider KFC to be a healthy option. You would think so too after seeing countless reports of local restaurants using reclaimed oil from sewers to cook food! The Chinese trust Western restaurants would never cut corners, and so they are willing to spend a premium to ensure their food is untainted. 

    The stories in this chapter are horrifying and captivating.

    Chapter 6: Understanding Corruption In China

    There are three levels of government; central, provincial, and municipal. Provincial and municipal government are riddled with corruption. This has been a source of civic unrest. The central government often executes corrupt officials to set an example, but Rein suggests the problem is more deeply rooted in the divergent interests of local governments, and the nature of single party government.

    When doing business in China, make sure you get approval from local and central governments. 

    Chapter 7: China’s Real Estate Sector

    Many Chinese do not trust the accounting of publicly traded companies, so we see a disproportionate amount of wealth being invested in real estate. To avoid speculative investing and control the residential real estate market, which has more than tripled in the past decade, provincial governments have set limits on the number of properties the wealthy can purchase and implemented mandates for up to 50% down payment.

    In order to support its growing economy, China needs to continue to invest in infrastructure projects such as low income housing, bridges, tunnels, subway, high-speed rail, and airports. 

    Chapter 8: Chinese Neo-Colonialism In Africa And The End of American Hegemony

    China holds about $3.3 trillion in US foreign exchange reserves. To avoid over-exposure to an instable US Dollar, and ensure access to natural resources critical to the country’s uninhibited economic growth, China has invested significantly in assets around the world. Countries receiving Chinese foreign investment include Canada, Australia, Iraq, Afghanistan, Sudan and several other African nations. China, irrespective of political and religious allegiances, is looking out for its economic interests. 

    On this note, China does not concern itself imperialistically with the political affairs of the countries in which it invests. Rein uses the term Soft Power to describe the Chinese approach to spreading its growing influence. Notwithstanding this concept, China is consistently criticized by Western governments at odds China’s economic partners such as Venezuela and Iran.

    At the corporate level, Rein encourages us to embrace Chinese acquisitions of Western companies as opportunities to deliver high returns to stakeholders, and grow employment. Unlike Japanese firms, Chinese companies typically keep Western management in place and often invest to achieve faster growth, resulting in much-needed American job creation.

    The average Chinese tourist spend $7,000 dollars per trip to the US. As China’s 350 million person middle class begins to travel, Western nations must invest in conveniences (such as accepting China UnionPay bank cards) to enhance the experience for these tourists and optimize profits.

    Chapter 9: China’s Educational Sector

    Arguably, the biggest problem faced by multinational companies operating in China is recruiting and retaining labor. Rein attributes this to a weak talent pool bred by an education system that overemphasizes rote memory, lacks world class curricula, career path flexibility, and infrastructure to support annual graduating classes of more than 6 million. What’s more, only 30% of high school graduates continue to college, compared with 70% in the US. 

    The vast majority of China’s wealthiest families are obtaining foreign passports as a means to send their children abroad for schooling. 

    As China matures, the education system will remain under great pressure to reform. The long term stability of China rests largely on major improvements in this sector. 

    Chapter 10: What The End Of Cheap China Means For The Rest Of The World

    Rein equates China to a teenage superpower.

    …displaying glimpses of future genius, but unable to maintain a consistent level of power.” This characterization is fitting, as China’s rapid ascent during a period in which much of the developed economies remain stagnant, has placed the country in a position tremendous power and responsibility.

    Global stability is key to economic growth. While the US continues to serve as the world’s police, it is likely that China will continue to focus on improving the welfare of its people through major investments in infrastructure and education. The globalization of commerce, and interdependency of nations provides a compelling support for global stability.

    Conclusion

    The End Of Cheap China is a wonderfully insightful portrait of where China has been, the state of current affairs (and the underlying reasons), what the future holds, and how to position your company to ride the transformative wave that is China’s burgeoning economy. Driven by primary market insights and well over a decade of personal exposure to China’s economic and social ascent, and institutions; Shaun Rein provides a well organized, riveting, and informed account on China along with priceless actionable insights for business and government. 

    The one thing missing from this book is the role eCommerce will play on the proliferation of Chinese domestic consumption and International trade. We will follow up with our view on eCommerce - domestic and international, B2B and B2C - and the central role we believe it will play on the continued economic growth of China and international companies that implement a culturally sensitive winning strategy. 

    I hope the Chinese Government does not censor our website for sharing Shaun Reins insights!

    INSIGHTS

    • 27 - the age of the average home buyer (32 in America)
    • 7 of the world’s 14 self-made women billionaires are Chinese
    • More than 50% of income is earned by women
    • $7.8 Trillion GDP
    • 1.344 Billion people
    • 350 million middle class consumers
    • Women like cute not sexy
    • When marketing clothing, use a mix of Western and Asian models
    • Guanxi (circle of trust) is overemphasized by Westerners
    • The average Chinese tourist spend $7,000 dollars per trip to the US

    Daniel Sperling-Horowitz, coFounder

    Source: amazon.com
    • 1 month ago
    • #The End Of Cheap China
    • #Shaun Rein
    • #Book Review
    • #Marketing
    • #Doing Business In China
    • #Doing Business With China
    • #China
    0 Comments
  • Chinese Companies Need To Be Seen As More Trustworthy

    An international survey has found that Chinese companies are less trusted than companies headquartered in other nations - by a wide margin - a major hurdle for the growing number of Chinese enterpriseslooking to ”go global”.

    Of those polled in developed countries, only 19 percent regarded companies headquartered inChina as ”trustworthy.”

    It’s unfair that foreign opinion holds Chinese firms in such low regard. We believe it’s only a matter of time before Chinese firms gain tremendous respect from foreigners. If the history of past emerging economies is any indication of the future, all it will take is a few companies to breakthrough and then perception shifts.

    Source: Zheng Yangpeng, China Daily

    Source: chinadaily.com.cn
    • 1 month ago
    • #Trust
    • #China
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