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More young Chinese consumers prefer domestic brands

source:People's Daily Online release date:2018/05/14 hits:36

Young Chinese consumers are becoming fans of domestic brands and turning their back on foreign products.

According to a survey done by leading financial services company Credit Suisse this March, China is seeing the emergence of a generation of consumers who are more likely to opt for home-made brands.

The results of the study show that over 90% of young Chinese shoppers prefer domestic home appliance brands. Over the past decade, Chinese food, drink and personal care brands have expanded their market share by 3.3 percent to nearly 70 percent, said global information, data and measurement company Nielsen.

In addition, the stereotype that foreign products are superior has been gradually abandoned by Chinese youngsters. “Right now, Chinese consumers think China is good and ‘Made in China’ is not bad at all,” said Credit Suisse’s Charlie Chen earlier this March.

The smart phone market is a great example supporting Chen’s point. According to data tracking firm IDC, Chinese tech firm Huawei is the largest player in the Chinese cell phone market, accounting for 24.2% of the market share. Apple was ranked 5th with a share of 11.3%, and was the only foreign brand on the list’s top-5.

According to Li Yanhong, founder and CEO of Chinese Internet giant Baidu, the rise of Chinese cell phones is attributed to better localization of services, software, support and data.

Such trends can also be seen in the automobile industry. Chinese automobile manufacturers gained 44.2% of the market in China over the past year, 5.8% more than that in 2014. Li predicted that the figure will rise to 65% in the next 10 years.