Manufacturers jostle for slice of China's 'premiumisation' pie
Affluent Chinese consumers are spending more on groceries, clothing, entertainment, travel, dining out
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FROM spirits distillers and dairy producers to cafes, the latest mouthful in corporate buzzwords that market to the aspirations of China's 1.4 billion consumers is "premiumisation". As China's economic slowdown impedes the expansion of household spending, companies such as Kweichow Moutai Co, Danone SA and Starbucks Corp are positioning to attract the rare segments that are poised to grow rapidly - products touted as healthier, higher-quality and fancier than the basics.
"Chinese consumers are making purchase decisions based on how products make them feel," said Vishal Bali, managing director of consultancy Nielsen China. "With increasing affluence, consumers are craving products that offer an enhanced, premium experience."
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