It is an exciting time to set up business in China with growing opportunities for foreign business but this change can be challenging.
However it’s manageable with the right business plan and the correct guidance to achieve your business goals in China. Fashion businesses in particular have great opportunities to expand into the fashion market in China, especially in Mainland China.
The increasingly affluent Chinese middle and upper class seek to purchase international, luxury products.
As the consumer’s purchasing power grows, so does the desire they have to distinguish themselves in some way from others. This is especially so in China where there are 1.3 billion people. This explains why consumers are more willing to buy exclusive, unique goods regardless of the cost.
Chinese luxury Consumers are changing their purchasing habits
Nowadays, Chinese luxury consumers are changing their purchasing habits and now they are seeking niche fashion and luxury goods. The reason why shoppers are exploring this market is because they are looking for brands that better reflect their style, taste and personality.
A niche brand is one with a strong identity in a specialized area. This identity is crafted to appeal to a specific group, and cultivate a strong sense of belonging..
Consumers are looking for something to set themselves apart from the rest, to define themselves as a true individual. The rising popularity of niche brands in China reflects this. People seek something that is rarer and thus a smaller, less well known label can be a very positive thing. This trend represents a significant opportunity for lesser known brands and labels to move into the Chinese market.
New trends are one of the most important things Chinese people will pay attention to when they want to buy clothes. The population of “fashion addicts”exhibits particularly strong growth in China. These “fashion addicts” are mostly female, middle-income professionals in the biggest cities such as Beijing, Shanghai and Guangzhou. They inform themselves about new trends on the Internet or in fashion magazines. Thus, they are well informed and try to stand out from the crowd.
More about this growing market :
- How social media influences chinese fashion customers
- Can small companies fashion start business china
- Fashion digital trends