Win Chinese Consumer Market with Premium Goods
- KITA conducted a survey of
244 Chinese buyers… Korean products’ designs are outstanding, cosmetics, food, baby products are
It appears that Chinese buyers highly
appreciated the design, quality, and reliability of Korean products and
selected cosmetics, food, and beauty products as promising items to make
inroads into the Chinese consumer market.
A survey result of 244 Chinese buyers in the
report titled "Competitiveness of Korean Consumer Products in Perspective
of Chinese Buyers and Countermeasures" issued by the Institute for
International Trade of the Korea International Trade Association on December 10th,
suggests that Korean companies need to target Chinese consumer market with more
sophisticated design. Moreover, it is anticipated that with the expansion of
the new middle class in China that pursues quality of life, cosmetics, food,
beauty products, baby products, and medical health care products are expected
to be promising.
According to the report, Chinese buyers
selected 'design' (18.7%), 'quality' (17.4%) and 'corporate reliability'
(16.5%) as competitiveness of Korean products. In contrast, "price
competitiveness" (10.9%) was evaluated relatively low. The purchasing
manager at company A, who is responsible for importing and selling food and
beverage, said, “Korean products are
superior in quality and design. However, they are somewhat expensive.” The manager also pointed out, “It is true
that Chinese consumers prefer Korean products because of the influence of
Korean wave, but if the products are over 30 percent more expensive than the
similar Chinese products, they would not purchase them.”
The report analyzes that Korean products are
behind the advanced countries such as the United States, Japan and the EU, and
ahead of China. However, for Chinese consumers, the gap is declining rapidly.
The purchasing manager of the second largest shopping mall in China said,
"Korean products are lacking in details such as packaging compared to
Japanese products, and brand recognition is lower than that of the American and
European products." The manager advised, "Korean companies need to
raise its brand value with premium products."
The buyers selected cosmetics (23.9%), food
(15.6%), beauty products (13.1%) and baby products (8.5%) as the most promising
items in the future.
purchasing manager of a global shopping mall said, "The Korean cosmetics,
food and cosmetics products will continue to gain popularity with their high
quality and safety," and stressed, “Since the Chinese government abolished ‘one
child policy’ recently, the market for baby products is
the most important area that Korean companies must pay attention to.”
Bong-geol, a researcher at the Institute for International Trade, said, “China's
consumer market will grow into the world's largest market beyond the US market.” The researcher advised, “Korean companies
need to raise awareness of the brand value of Korean products through
international exhibitions and conferences, while the government and related
organizations try to create a favorable trade environment between Korea and