China is the world’s second-biggest economy. Its rapid growth tripled the size of its economy between 2000 and 2010, lifting more than 500 million people out of absolute poverty.
China is already brand heaven for Western manufacturers. Retail own brands (Tesco Everyday Value etc.) account for 43% of total retail sales in the UK, 28% in France and 17% in the USA. The corresponding figure in China is 1%, i.e. 99% of sales are of branded items. This might partly be down to a lack of sophistication among Chinese retailers, but most commentators ascribe it to Chinese consumers’ need for brand reassurance after a series of product safety scandals in recent years.
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
