Most large consumer-facing companies realize that they will need China to power their growth in the next decade. Over the past 30 years, 300 million people have moved into China's middle class. 

 

To keep pace, market entrants will also need to understand the economic, societal, and demographic changes shaping the profiles of consumers and the way they spend. Chinese consumers are also becoming increasingly sophisticated. They are demanding high-quality, customised products.

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Addressing this shift in Chinese consumers’ preferences will continue to be a primary focus for all market players, both domestic and foreign. In particular, foreign companies operating in China have to rethink their strategies based on the following premise: it is no longer about marketing to the Chinese consumer, but about manufacturing for the Chinese consumer.