16 Mar Chinese olive-shaped society and the fashion accessories market
China’s fashion accessories market is showing a high-speed growth, according to date from Statista. The country has experienced an exorbitant economic boom in recent years. People achieved a very impressive purchasing power and they are willing to buy fashion accessories from well-known international brands, since these products allow them to show off their financial power. But we are not just talking about the wealthy consumers.
With all this accelerated growth, China is increasingly moving towards an olive-shaped society. The population of 1.4 billion have fewer and fewer people living in extreme poverty. Those who once were in extreme poverty are now moving upwards into the belly section of the olive. So, in terms of business, we have the top of the olive with the ultra-wealthy purchasing luxury products and the middle part, with a large number of people willing to buy to show that they succeeded. Even with reduced purchasing power, compared to the top of the olive. Therefore, the Chinese market presents excellent opportunities for basically all fashion business models.
How to enter the Chinese fashion accessories market? Here go some tips
- Build visibility and online reputation
Chinese spend on average two hours per day browsing online stores. From WeChat to e-commerce, shopping forums and PR, you need to impact your target audience in the online sphere if you want to drive sales. For instance, Tmall, the greatest e-commerce retail for B2C, is reserved only the for most successful brands. 85% of the companies are rejected by the platform because they select only brands that already have a large brand awareness, a strong image and reputation in China.
- Provide a website in Mandarin visible on Baidu
You cannot just create a Chinese version of your current website. You should host it on a local server with a .cn domain. That means building it locally. Moreover, when it comes to visibility in Baidu (Chinese search engine), websites must be optimized for keyword searches in Mandarin.
- Follow Chinese forums to understand the consumers’ sentiment
Chinese customers are heavy users of shopping forums. It remains a powerful tool to monitor their feelings and to build a positive reputation. Consumers share recommendations, images, shopping experiences and thoughts about brands. The most important ones are Baidu, Zhidao, Baidu Tieba, Zhihu and Tianya.