Labbrand Group's CEO Vladimir Djurovic Shares China Reopening Consumer Insights at Page Society
May 30, 2023
Labbrand Group’s CEO, Vladimir Djurovic, was invited to speak at the Insights and Observations from the “National People’s Congress” & other China Developments event, organized by Page Society, the world’s leading professional association for senior public relations and corporate communications executives and educators. The event took place on March 24, 2023, where Djurovic delivered a speech on “Into 2023 – China Reopening Consumer Insights.”
During the event, Vladimir Djurovic shared valuable insights on China‘s economic recovery of 2023 and the evolving Chinese consumer market. He highlighted the significant increase in health, sports, and wellness consumption transition, and a new attitude trend in luxury fashion, demonstrating a dramatically shifted priorities in consumer purchase preferences. These shifts are indicative of a broader trend towards more mindful and sustainable consumption.
In addition, Djurovic identified four rule-breakers in the Chinese consumer market that will have a significant impact on businesses looking to succeed in China. The first of these is SHEconomy, which is driving increased women’s empowerment and self-awareness and making them key decision-makers in spending. The second is the Consumption Pattern of GenZ, who value authenticity in the brands they support, making it crucial for companies to communicate their values and be transparent and interactive to build multi-dimensional experiences for trust and loyalty among this demographic.
The third rule-breaker, the New Luxury Definition, represents a shift towards experiential luxury goods that are now dominating the Chinese market, despite the country’s long-standing enthusiasm for traditional luxury brands. This shift is a critical indication of the changing consumer landscape in China, where consumers increasingly value unique and immersive brand experiences over conventional status symbols. Finally, Value-Enhancement Through Digital Experience is another significant factor to consider, as social commerce continues to grow in popularity in China, with 84% of Chinese consumers having done shopping on social media channels as of 2022. This trend has created a new landscape for digital experiences in China, where social media platforms are no longer just a place for brand promotion, but also a destination for transactions.
Overall, the insights into the Chinese consumer market are essential for businesses looking to expand into China or deepen their existing presence there. By understanding the shifting priorities of Chinese consumers and the breaking catastrophes that are shaping the market, businesses can seize opportunities and better connect with their customers and stakeholders in China.
The event attracted attendees from prominent companies, including Nissan, P&G, Shell Asia Pacific, and GE Medical. As a company that specializes in shaping business identity for global companies, organizations, and institutions, Labbrand Group was proud to be represented by our CEO, Vladimir Djurovic, and share our thinking and findings on China’s reopening consumer insights. At Labbrand Group, we believe in durably and authentically connecting customers and stakeholders with your enterprise, creating an innovation culture in your organization, and enacting your vision as a business leader.