On 22nd March, Eric Yu, UMS co-CEO and Partner, was invited to deliver a keynote presentation at a workshop run by the Australia China Business Council. This workshop is part of a series of targeted digital workshops which aim to empower Victorian exporters to take full advantage of Australia’s largest trading partner, build cross-border networks and drive Victoria’s global economy.
Eric used the opportunity to talk through some of the major shifts that took place in China’s market during 2021 and outlined what an effective China digital strategy looks like in this climate.
One of the biggest changes UMS has seen unfold in 2021, and in 2020 as well, is the monumental shift in consumption habits. The pandemic has shaped how people shop, what they shop for, and how they want to receive it. Health conscious customers now expect a no-touch experience which puts their safety first, and busy lifestyles continue to demand convenience. Chinese consumers want to be presented with the best deals, and an experience that is tailored to their interests. Above all, they want choice. This means brands need to take part in targeted marketing and utilise the functionalities of each platform to cut through to the right consumers.
Buying power has shifted within consumer groups, and now millennials, generation Z and the silver generation hold the biggest slice of the purchasing pie. Although the pandemic caused a drop in income for generation Z, they remain brand loyal and continue to be driven by influencer and loyalty programmes. The silver generation spends 3.6% more on F&B products and travel spending is three times higher than millennials. As for millennials, there has been a 52.6% increase of annual spending growth over last 3 years.All these groups represent unique and lucrative opportunities.
Eric expressed that there were three key strategies that digital marketers could adopt to win over consumers: engage in an omni-channel strategy (multi-channel, multi-medium), create dynamic digital content, and harness the power of WeChat’s entire ecosystem.
For more information on how to implement these key strategies, contact Eric at firstname.lastname@example.org.