Top 10 Consumer Trends of China’s Wealthy

February 10, 2013

With fast rising wealth and money to spend, it’s no surprise the Chinese are in a buying frenzy. China’s consumer spending is growing at an average annual rate of 18 percent compared to 2.2 percent rise for the US, according to the National Bureau of Statistics.

While some of their purchases are just plain glitzy, studies and research from organizations like the United Nations, Eurmonitor and McKinsey & Co. show that Chinese consumers are displaying great consciousness for bettering themselves and their planets.”

The preceding quote is from the latest “DFS Learning e-Blast” article, Top 10 Consumer Trends of China’s Wealthy, by Rajeshni Naidu-Ghelani.

In this July 28 2011 article on CNBC, the author discusses where the Chinese wealthy are focusing their purchases.

As a follow up to last week’s article which covered the more detailed McKinsey 2011 Chinese Consumer Spending Survey, today’s article provides headlines of the major consumer trends.

More from the article:

Some consumer trends in China are well known, such as the increasing demand for luxury goods, but others may surprise you. CNBC.com put together a list of 10 major consumer trends, including the companies and sectors they have the potential to profit from them. The list is based on studies and reports from international organizations such as the United Nations, the U.S. Department of Agriculture, and research firms including Euromonitor International and McKinsey & Co.”

Read the short article to learn more!

Mike Osorio, your Dare to be Contagious™ strategist

www.OsorioGroup.com

What do you think?  Please add your comments to join the discussion!

Thank you for visiting my blog. Please follow, subscribe using RSS, and/or comment on my postings.


Gen Y Driving Innovations and Choice for Food Companies

January 25, 2009

DISCUSSION TOPIC

Gen Y Makes Its Own Rules When It Comes to Food 1/21/09

TOPIC SUMMARY:

Gen Y consumers grew up with more choices when it came to places to buy food, types of cuisine and access to technology. Today, those consumers, now between the ages of 13 and 28, are in the process of creating a whole new set of rules about eating and food.

According to How Gen Y Eats Culinary Trend Mapping Report from the Center for Culinary Development (CCD) and Packaged Facts, food marketers need to focus on what drives these consumers to buy… and fast. If not, they’ll be off to some other brand or eating establishment not only taking their purchases with them but also those of elder generations.

“Generation Y has a game-changing approach to food consumption that will definitely affect how other demographics, including Gen Xs and Baby Boomers, shop and eat,” said Kimberly Egan, CEO of CCD, in a press release.

Gen Y consumers, according to the report, are health-conscious largely because of the influence of their Baby Boomer parents. They are also “Thrill Aficionados,” according to the study, “craving heightened eating experiences, like intense, layered and global flavors.”

These consumers have also been dubbed “Mashup Artists,” because of their desire to “customize food” to meet their individual needs.

Discussion questions:  How do you think Gen Y consumers are influencing food and how we eat today? What will the eating behaviors of Gen Y consumers mean for companies in the food business in years to come?

My post: 

As the father of 2 Gen Y sons (20 and 22), one of whom is a trained chef, I am seeing first hand the impact of Gen Y on how our food preferences are evolving.  Their tastes have been far more sophisticated than our generation their whole lives.  Their exposure to eclectic food options from an early age forged an appreciation and an expectation for choice, unique flavors, and unusual combinations.  They are willing to try almost anything and have developed sophisticated palettes for categories like wine and cheese, and types of cuisine such as Indian, Thai and regional Chinese.

However, like all generations, their and their friends’ top choices continue to be pizza and other familiar favorites.  Food companies are doing a reasonably good job in offering a combination of familiar and new/innovative choices.  Due to the speed of food consumption, it is not difficult to discern the trends of food choice.  Simply test and pay attention to consumer purchase patterns and decide to focus on either comfort/familiar or innovative.  Don’t try to do both.

Mike Osorio, your Dare to be Contagious! TM strategist

www.OsorioGroup.com

————————————————-
Go to the full discussion at RetailWire.com:
http://www.retailwire.com/Discussions/Sngl_Discussion.cfm/13499

————————————————-

Thank you for visiting my blog!  Please subscribe using the RSS button and comment on my postings.  Comments are the life-blood of any blog and I appreciate yours!