STAiiRS - Marketing Agency China’s Post

🚀 IKEA Finds the Key to Growth in the Chinese Market 2024 🌏 In the face of global economic fluctuations and intensified market competition, IKEA has found success in the Chinese market through a strategic shift. Recognizing the trend of consumption downgrade, IKEA has adopted a low-price strategy, resonating with Chinese consumers. 💡 IKEA's Low-Price Strategy: - 📉 Lower Prices on Products, Food, and Services: In April 2024, IKEA opened its first low-price boutique pop-up store in Shanghai, offering items as low as 9.9 yuan. Additionally, their restaurants launched discounted meals, humorously dubbed "Poor Man’s Meals" by netizens, including 1 yuan ice cream cones and 13.49 yuan spaghetti. - 📦 Affordable Pricing for Wider Market Reach: IKEA is investing 6.3 billion yuan over the next three years to further reduce prices and optimize omnichannel integration, focusing more on the mid-to-low-end market. 📊 The Success of IKEA in the Chinese Market: - 🌐 Consumption Downgrade Trend: Chinese consumers are prioritizing cost-effectiveness. IKEA's price reduction strategy perfectly aligns with this trend, attracting a large number of young consumers. - 📈 Sales Boost: After implementing the price reduction strategy, IKEA saw a 6% increase in consumer recognition, with sales and store visits rising significantly. 🏆 By continuously lowering prices and improving services, IKEA has successfully transitioned from high profit margins to high sales volumes, capturing the minds of Chinese consumers. 👉 Learn more about the Chinese Market. Contact STAiiRS for professional digital marketing insights! #ChineseMarket  #DigitalMarketing

OIG News | 'Double 11' Shopping Festival sees new trends in consumer market-Part I   Since early 2023, the Chinese government has taken a series of proactive measures to promote economic development, focusing on expanding domestic #demand and stimulating economic entities. Data shows that these policy initiatives are producing significant results, with positive changes observed in multiple industries and various economic indicators, gradually highlighting the overall recovery trend of the Chinese economy.   The sustained recovery and growth of the consumer market have become a highlight of economic recovery.   According to data from the National Bureau of Statistics (#NBS), China's consumer goods market continued to recover in the first three quarters of 2023. The total retail sales of social consumer goods increased by 6.8 percent year on year. Notably, in August and September, market sales growth accelerated for two consecutive months, further consolidating the recovery trend in the #consumermarket. The upgrading of consumer preferences and the increasing demand for green products continue to be seen, with retail sales of cosmetics, gold and silver jewelry, and sports and entertainment products increasing by 6.8 percent, 12.2 percent, and 8.3 percent respectively in the first three quarters.   With the rapid recovery of the service sector, residents' #confidence in consumption gradually improved, and potential was released through coordination between both supply and demand sides, leading to faster growth in services consumption. Residents have strong travel intentions, driving rapid growth in #catering, #accommodation, #tourism, #transportation, and other service consumption.   To stimulate new consumption vitality, various measures have been taken across different regions to create diverse new consumption scenarios.   For example, #Shanghai aims to create an atmosphere for global product launches, premium performances, exhibition debuts, and film premieres, while also creating buzz through popular topics on social media platforms. Efforts are being made to accelerate the opening of flagship stores in Shanghai of high-end domestic and foreign brands, by actively encouraging their participation in events such as the "May 5th Shopping Festival", "Global New Product Launch Season", "#CIIE Debut Season", and "Shanghai Fashion Week", where they can showcase their latest products. Support is provided for internet platforms to build a "New Product Online Launch Platform".   In the first three quarters of 2023, the national #online retail sales reached 10.8 trillion yuan, a YoY increase of 11.6 percent, according to the Ministry of Commerce. Among them, the online retail sales of physical goods reached 9 trillion yuan, an increase of 8.9 percent, accounting for 26.4 percent of the total retail sales of consumer goods in society.

As Thailand's beauty specialist retail market gears up for an exciting resurgence, it unveils a horizon teeming with boundless growth opportunities. Enterprising retailers are seizing the moment, unveiling captivating in-house brands alongside their existing array of third-party offerings, setting the stage for a spirited battle for market supremacy. The emergence of omnichannel strategies holds the promise of reaching a broader audience, drawing in a diverse spectrum of consumers in pursuit of convenience and diversity.   Furthermore, the burgeoning availability of vegan, organic, and cruelty-free products strikes a chord with conscientious shoppers, infusing the market with an irresistible appeal. Yet, amidst this wave of promise, potential obstacles loom on the horizon.   Challenges like ensuring product authenticity and navigating initial investment costs pose as formidable barriers to growth. However, despite these hurdles, Thailand's beauty specialist retail market remains a fertile breeding ground for innovation and expansion.   Discover how industry players are navigating these challenges in our report: https://lnkd.in/g35YXZAY #yamadaconsultingandspire #yamadaspire #beautyretail #beautyindustry #beautyspecialistretailmarket #thailand #growthopportunities #trends #omnichannelstrategies #challenges #crueltyfreeproducts #innovation #expansion Ryosuke Funayama Leon Perera Go S. Japnit Singh Jeffrey BAHAR Tarek Elhousseiny Adnan Kaddoura Justin Lee Saurabh Sharma Chi Nguyen John Yam yogi priyantoro Albertus Edy Rianto Daniel Faricy David L. Llamas Adeline Lim Andrea Lim Nhu Hua Lijo James Mery Lekatongpessy Bambang Tobing Yoichiro Miyaoka Takafumi Kuramoto Ryo Takahashi Keith Ng, CFA Terence Tay, CPA, CVA Benjamin Foo Tawikarn Kingthong Yoshinori Fujimoto Takuya Makinura Windy Pradipta Marie Teo Prizzy Natacia Sumie Mizugaki Twinkle Khurmi

“The rise of online shopping, social media and easier access to factories are driving the growth of new consumer brands in parts of Asia — putting pressure on traditional industry giants. Over the last several years, such upstart consumer brands have been gaining market share in China and South Korea, according to a report from Bain and Company released Monday.” “Bain defines an insurgent brand as a business that generates more than $25 million in annual revenues, has grown more than 10 times in their category’s average growth rate over the last five years and is independent or has been bought by a large firm in the last 2 years. Incumbents are leaders in the sector and have a firm position in the market.” “China and South Korea’s thriving e-commerce scene has made it easier for insurgents to penetrate these highly competitive sectors, Zehner highlighted. Online shopping accounted for 34% of 2022 retail sales in South Korea, and 27% of such sales in China, the report said.” “In contrast, emerging brands remain popular in Malaysia, the Philippines and India due to lower popularity of e-commerce and higher levels of traditional trade. All three developing countries saw e-commerce sales penetration of less than 8% in 2022.” “New consumer preferences, often influenced by social media, are generating demand for brands that can adapt quickly. In South Korea, Zehner pointed out that new brands were able to benefit from trends in which “people change their whole wardrobe every season because what is popular has moved so quickly.”” “Bain’s findings revealed that despite the leaps insurgent brands have made in some markets, incumbent brands have maintained or increased their market share in others. There was no single sector in which incumbents lost share across all Asia-Pacific markets, nor a single market where they lost share in all categories, according to the report.” - Evelyn Cheng, Charmaine Jacob

👤 What do luxury brands need to know about China's Gen Z, the wealthiest and most demanding cohort in the market, poised to make the country a global luxury leader by 2030? 🇨🇳 In Salina LI and Sophie Chew's latest article on the South China Morning Post SCMP, which I had the pleasure of contributing to, we explore the #GenZ topic. Beyond the article, some characteristics to be aware of:  - Digital Natives: Gen Z has unparalleled brand knowledge, comfortably navigating e-commerce and social media. They are the fastest-growing cohort on Tmall Luxury Pavilion. 📲 - Authenticity & Uniqueness: Cultural context in brand stories resonates deeply with them. They value authenticity, which is often lacking when Western brands fail to adapt to local sensibilities. - Personalized Experience: 86% expect quick responses and the use of AI to help them discover new products. 👩💻 - Sales Advisors as Best Friends: 29% prioritize relationships with sales assistants (even before #personalization!), and 61% interact with them at least every two weeks. 💬 Thank you, Sophie, for the opportunity! Read the full article here:

𝐆𝐢𝐟𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐂𝐞𝐥𝐞𝐛𝐫𝐚𝐭𝐞 𝐄𝐯𝐞𝐫𝐲 𝐎𝐜𝐜𝐚𝐬𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐓𝐡𝐨𝐮𝐠𝐡𝐭𝐟𝐮𝐥 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐞𝐬! 𝐆𝐞𝐭 𝐅𝐑𝐄𝐄 𝐒𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐆𝐫𝐚𝐩𝐡𝐬 𝐚𝐧𝐝 𝐂𝐡𝐚𝐫𝐭𝐬 𝐚𝐭:https://lnkd.in/gdXNrvQs 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 Market IntelliX has a strong base of analysts and experts that give clients a dashboard view of the Gift Retail market and help them gain a competitive edge. The key factors that are contributing to the growth on a positive note have been examined in this report. In addition to this, the researchers have talked about stumbling blocks that may act to restrict the development in the years to come. This section will provide the readers with an overview. Gift Retail Market is projected to grow at a CAGR of 5.00%, reaching USD 21.49 billion by 2030, starting from USD 14.55 billion in 2024. This growth reflects an increasing trend in consumer spending on gifts. 𝐓𝐨𝐩 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐬: GS Retail Aeon Lotte Big C GS25 Vietnam ZALORA Group Lazada Seven & i Holdings Alibaba Group Aeon Fivimart 𝐓𝐫𝐞𝐧𝐝𝐬 & 𝐏𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 In this segment of the report, the specialists have delved into the key growth opportunities that are likely to emerge. This will aid the key players to simplify complex issues related to business and frame future strategies to compete in this competitive environment. This section will certainly assist the players to boldly position their business. 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐛𝐲 𝐓𝐲𝐩𝐞 ·        Golden Handcrafted ·        Souvenirs and Novelty ·        Seasonal Decorations ·        Greeting Cards 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 ·        online ·        offline stores 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐢𝐧 𝐆𝐢𝐟𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: ·     Emotional attachment: Gifts serve the purpose of bonding relationships. ·     Business Growth: Opportunity for revenue expansion. ·     Customer Loyalty: Helps improve customer retention. ·      Brand Differentiation: Sets apart from competitors. ·      Engagement with Society: Supports local economies. 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐆𝐢𝐟𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: ·     Global Expansion: Foraying into international markets via e-commerce. ·     Corporate Gifting: Growing but stable demand from corporates for employee and client gifting. ·     Emerging Markets: Potential lying in underserved developing economies. ·     Technological Integration: AI for personal recommendations. #GiftRetail #PersonalizedGifts #EcommerceGifts #SustainableGifts #ExperientialGifting #CorporateGifting #GiftIdeas #OnlineShopping #GiftsForHer #GiftsForHim #marketoutlook #growthprojections #marketstatistics #competitiveanalysis #trendanalysis #marketinsights #Mi #marketintelligence Market intelliX Business News & Analysis

🧭 Where to sell? 🎯 🧲 Its booming economy, favorable demographics and location close to Ho Chi Minh City make Binh Duong Province a “magnet” for foreign and domestic retailers. 🏬 Aeon Vietnam Co., Ltd’s compact general merchandise store and supermarket, after being launched in Hanoi last year, made an appearance in Binh Duong, a key industrial hub in southern Vietnam, late last month. 🛒 The supermarket covers an area of 5,000 square meters with a shopping area and a food court serving Vietnamese, Japanese, South Korean, and Thai foods. 🗣️ YASUYUKI FURUSAWA, general director of Aeon Vietnam, said the city was chosen to debut the compact supermarket model in the south because of its economic potential and population. ⬇️ Binh Duong has also attracted other modern retailers like Central Retail, Mega Market and LOTTE Mart Vietnam. Many retail and service brands, not considered affordable for most local people, have also come here in recent times. 🆕 After opening stores in HCMC, Hanoi and Hai Phong, UNIQLO has one in Binh Duong. Having just opened its first outlet in June, the Japanese fashion retailer said it would open a second this fall or winter, its 20th in Vietnam. ☕ Starbucks, with its expensive beverages, opened its third store in Binh Duong late last month. 🪞 The Glam Beautique, which sells health and beauty products, chose the province to open its eighth store in the country. 📈 According to experts, one of the biggest attractions of Binh Duong is its market size. Its total retail sales of consumer goods and services have risen by 12.4% year-on-year in 2023 to VND174.82 trillion (US$7.4 billion), only behind HCMC (VND660 trillion) and Hanoi (VND433 trillion). 🚀 Binh Duong is home to 30 industrial parks and 12 industrial clusters. More than 3,400 foreign firms have invested $40 billion in 4,121 projects. In terms of growth rate, it has lagged only Da Nang (22%) and Hai Phong (13.6%). https://lnkd.in/gseksVne

What are the buying patterns for groceries or big-ticket items in Japan when compared to India? How popular are food delivery services in Vietnam or Singapore? And what about the trends in luxury goods markets across China, Indonesia, and the Philippines? Our latest blog offers an in-depth exploration of consumer habits in eight key Asian markets, highlighting their unique attributes, similarities, and differences. We discuss how these insights can inform your product development, marketing, and overall business strategy. Plus, we provide a comparative analysis and shed light on key trends and future predictions. https://bit.ly/3DxDiZv #ConsumerBehavior #AsianMarkets #BusinessStrategy

🌟 Navigating the Complex Chinese Luxury Market✨ In the global luxury goods market, the Chinese market has always been a core battleground for luxury brands. 2024 has been a challenging year for the luxury industry, with significant declines in sales for major groups like Kering and LVMH. 📉 Luxury Goods Sales Decline in 2024: 1. Kering Group - The parent company of Gucci, Saint Laurent, and Balenciaga reported a 10% year-on-year decline in Q1 revenue to €4.5 billion. - Gucci’s Q1 revenue was approximately €2.1 billion, down 18% year-on-year due to insufficient product innovation, failing to meet diverse and personalized consumer needs. 2. LVMH Group - In Q1 2024, overall sales declined by 2% to €20.7 billion. - The fashion and leather goods division, home to LV and Dior, saw a 2% revenue drop to €10.49 billion, marking the worst performance in nearly two years. 🤔 Understanding Chinese Consumers: - Chinese consumers are mature, diverse, rational, and seek personalization, with low brand loyalty, making them the "most difficult group to grasp" in the luxury industry. - As luxury industry expert Zhou Ting emphasizes, "To conquer the global market, brands must first win over Chinese consumers." 💡 Strategies for Success: 1. Enhance Connectivity - Brands need to deepen their connection with Chinese consumers by expanding service networks and using digital tools to integrate online and offline shopping experiences. 2. Leverage Chinese Culture - Brands should fully explore the potential of Chinese culture, developing products with Chinese elements that appeal to local consumers. For more insights and strategies on digital marketing in the Chinese market, contact the international digital marketing experts at STAiiRS. 🌐📊 #LuxuryMarket #BrandStrategy #DigitalMarketing

They were written to cover a wide area (Asian retail) with these generic motherhood statements. It's hard to go against what was written, but I hope people do not trivialise retail with this kind of analysis that doesn't make little sense to most. I neither agree with this article but likewise, I don't disagree with it. For those keen on retail, I offer in-depth consultancy services for those eager to revamp the retail industry, especially in countries such as Singapore and Japan. Let's get professionals with established track records in retail, consulting and country execution instead of writing articles with generalised trends and predictions, for retailers, by retailer. #andrewtanatomisingapore #theatomiway #retailconsultancy #atomiCONSULTANCY