China's Consumer Trends in 2021 - Pascal's China Lens week 25

Title: China's Consumer Trends in 2021
Website: https://www.pascalcoppens.com/

CONTENT: In this video I explain 6 consumer trends that we will see in 2021 in China:
1. products & services for health and happiness
2. stakeholders of brands becoming KOCs
3. social commerce & private pools to create trust
4. Social retail - bring online experience in stores
5. Buy local brands & localise
6. More awareness of consumers: blacklist of brands & more fair trade

TRANSCRIPT
So what's happening in consumer land in China?
There are six trends that we could look at but all of them relate to the consumer having a new experience,
looking for a new purpose, looking for more trust in the quality of products they buy and the services they get
and also for a meaning in their life.
Now if you look at the individual, the person themselves, the Chinese consumer,
what you see is that in the past it was all about convenience.
China was the most convenient place in the world to buy things with new retail, social e-commerce
and all these things that were really exceptional.
Life as a consumer was so easy in China
but now it's much more about the purpose and not just about having an easy, comfortable, convenient life to buy things.
It's also about: Why are we buying?
And this of course was related a lot because of the pandemic, people got stuck at home like everywhere else in the world.
There were lockdowns in February and in March in China
and so that rat race that the Chinese were in for the past many many years suddenly stopped.
It halted, which means that for the very first time the Chinese understood that there was something more to life.
They were looking for more happiness and health, just like with us,
but happiness has a lot to do with doing things that you like.
It was like getting a pet and the pet industry is a big trend in China
but also cooking, learning to cook because before it was always eating out and getting deliveries, now that's changing.
And then also: what are you buying and what are you doing? how is your health?
So when it comes to the products, you saw that a lot of green products let's say vegetables and fruit,
a lot of that was about organic and biological products
and now the big trend for 2021 will be the start of artificial food.
So all these trends are happening within that area and also of course healthcare products.
So all of this is changing for the Chinese to have a better and happier life.
The other thing that changed is that all of these Chinese people,
many of them were trying to express to the world online when they were in lockdown, what their life was about
and so this created an acceleration of this new video streaming trend.
The past years we've seen a lot of influencers and key opinion leaders or KOLs like we call them in China
with millions of followers really changing e-commerce completely.
But today, what you see is that there are a lot more pockets of KOCs,
these are influencers with about a few thousand followers but they tell a very authentic story,
they tell a real story that people are interested in, their personal experiences.
So they get a few thousand followers that really trust these normal people like you and I in China to tell their story
and when they say you should buy this product or this service they actually believe them as if they were family or friends.
So what we see is this whole trend of KOCs disrupting the market
because now every brand needs to personalize their stories through the people that work for the brand
rather than create marketing messages.
Big trend for China going to go global.
Another thing is of course the social aspect, this is the 'we' of China.
China culturally, has been for a long long time very much about friends and family,
the cultural aspect from Confucianism from 2500 years ago was really all about that.
But now social, with social media being very strong in China specifically on content creating, became social commerce.
So that started a few years ago
but now we see that this is really accelerating where people are helping each other, that know each other to get better deals.
The company that has been very efficient and very successful in the past years is called Pinduoduo,
I made a great video about that on youtube to explain what the real value of this company is.
What they did is that they combined a concept of Disney Entertainment with Costco

KEYWORDS
Pascal Coppens, China, innovation, trends, keynote, speaker, public speaker, consumer trends 2021 China, KOC, health, happiness, local, social commerce, social retail, awareness buying, fair trade

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Видео China's Consumer Trends in 2021 - Pascal's China Lens week 25 канала Pascal Coppens