When considering a #purchase they research, reach out to their networks, read reviews, and aren’t afraid to #negotiate for a better price or free gift with purchase.
For foreign brands entering #China for the first time, this can take some getting used to. BUT it is well worth it. #Chinese consumers are some of the best in the world.
Recently however, I’ve noticed that these #clever consumers are “saving” their purchases for large events (think #SinglesDay, or 6.18.)
It’s not that their #spending is down… we are seeing record #sales across most of the #stores we manage. They’re just being more #strategic with their purchasing decisions.
The big #discount events are now creating sales vacuum, significantly decreasing the sales in the periods OUTSIDE of the #events.
They are sucking the life out of everything around them.
Chinese #consumers know what they want to buy. They’ll simply bookmark it and wait until they can get it at the best price, often during the mega sales events like 11.11 when #retailers offer deep #discounts.
In one category we operate in, sales were down 40% in the first week of July following 6.18. That’s a HUGE shift compared to our normal projections (and a trend that I expect to hold come November.)