Priscilla Sze, Managing Director of N-Dynamic, delivered a presentation on the New Chinese Consumers at a lunch event organized by Environics, the Exclusive member of Canada in IRIS (International Research InstituteS), in Toronto, Canada on April 28th 2015. The event was well attended by a large audience in various industries including travel, luxury, education, finance and food.
In the presentation, Priscilla has unveiled the consumption trend of the new Chinese middle and upper class based on real Union Pay transactional data in 2013 and 2014. Spending on travel has grown significantly – with a growth rate of 137% for domestic travel and 75% for overseas travel respectively. We have also witnessed outbound consumption growth of 287.1%.
Besides, Chinese consumers have formed a new relationship with brands. While popular luxury brands like Louis Vuitton are still having patronage among Chinese consumers across the board, we witness the emergence of relatively niche brands like Givenchy, which has become successful due to their successful marketing strategy targeted at the middle and upper class consumers.
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