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Adam Knight: Do Chinese Consumers Still Want to Buy British?
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Following a spate of consumer boycotts in March and the announcement of the government's goal of Common Prosperity over the summer, one could (easily!) be forgiven for assuming that the China market is turning its back on foreign luxury goods brands. But demand for British brands remains strong, and the market is "buoyant", says Adam Knight (Co-founder at TONG).
Adam talks to Joe Cash about how China's luxury goods market has changed over the course of Covid-19 and how brands have had to alter their approach when selling to Chinese consumers, now that they are unable to travel and spend overseas and are more likely to be viewing products on WeChat rather than in a duty-free store.
Add the resurgence of GuoChao (国潮) and Common Prosperity to the mix, and the number of factors foreign brands must consider when seeking to appeal to Chinese consumers is growing significantly. Meaning "the rise of the national brands," the GuoChao phenomenon in particular could become a challenge to foreign brands as their 'foreign-ness' in China could start to work against them. Adam remains optimistic, however, and see's GuoChao as an exciting opportunity for foreign brands -- Tune in to find out why!
The views expressed in the China Business Brief podcast are those of invited contributors and not necessarily those of the China-Britain Business Council (CBBC). We do not accept any liability if the podcast is used for an alternative purpose from which it is intended, nor to any third party in respect of this podcast.
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