27th January 2021
Consumers, one of the key influences in China’s economic rebound, have begun to regain confidence and spend at similar levels to those seen before the beginning of the COVID-19 Global pandemic.
Even though China’s recovery is now gaining traction, we are all living in a new environment where digital tools and innovation are proving indispensable. China’s economy is unique and is set to retain its role as the unrivalled engine of global consumption growth post-pandemic.
The outbreak of the COVID-19 pandemic has changed our lives. Measures to contain the spread of the virus has had a significant impact on consumer behaviour and the way in which companies run their operations.
Everyone from front line staff to senior executives have been impacted by travel restrictions and businesses have also had to incorporate remote working options whilst also – despite their best intentions – sometimes needing to reduce their workforce.
There has been an increase in focus towards health consciousness from Chinese consumers. The continual resilience of the market position shows that they remain amongst the most optimistic purchasing communities. This indicates there is the potential for Chinese consumers to not only encourage a robust domestic economic recovery, but potentially a global recovery.
COVID-19 has diversified how consumers behave —from shopping for groceries to travelling, then to purchasing luxury goods, and equally the pandemic has served to re-shape how companies in these industries strategically adapt.
Successful brands leverage customer relationship management on social applications to keep customers engaged and retained. Like this, they are able to offer users an array of value-added services, including exclusive access to online events, priority restaurant bookings, and mobile games, all of which help to foster brand loyalty.
Please do not hesitate to share your thoughts on this topic.