China has a rich history in cosmetics spanning centuries. However, the second largest market for cosmetic products in the world is rapidly changing not just in terms of size, as it looks to overtake the United States, but also in terms of consumers and how it works.
In this series of articles, Professor Viard discusses the role of economics in everyday life in China and the world. Last time I talked about price discrimination and printers. That got me thinking about an experience I had last summer. I ventured into the Tesla dealership in Beijing’s Parkview Green building to check out the […]
Chinese startup Luckin Coffee is expanding at a breakneck pace. How will Starbucks and other coffee players respond? Starbucks had coffee lovers in China’s main cities wrapped up until Luckin arrived, but is the market big enough and growing fast enough for both and more coffee vendors?
You may not recognize the name SenseTime. But if you have spent time in China recently, SenseTime will almost certainly recognize you. Founded just five years ago by a group of data researchers at the Chinese University of Hong Kong, the startup has rapidly established itself as China’s leading provider of facial recognition technology. Its face-scanning software is used everywhere from smartphones to office blocks and police stations.
Learning how to please Chinese audiences without alienating moviegoers in the US is becoming crucial for Hollywood as box office receipts stagnate in home market but explode in China. Quarterly ticket revenues in China surpassed those in North America for the first time ever in the first three months of 2018, with Chinese cinemas netting $3.15 billion compared to $2.85 billion in Canada and the US. Those figures were boosted by massive takings during the Lunar New Year holiday, always a peak time for Chinese cinemas, but China could become the world’s largest film market in whole-year terms in 2019.
What is the most important thing for a startup? Growing your business by focusing on the value to the customer is the answer given by Sean Ellis, founder and CEO of GrowthHackers, a service that helps 200,000 members with their growth strategy. According to Ellis, “growth hacking” is more than a buzzword in Silicon Valley—it’s a marketing strategy with actionable methods that prioritize business growth.
By 2045, there will be nearly 350 million people in China aged over 65. The rapidly aging society is the legacy of a huge baby boom that was abruptly halted by the introduction of the one-child policy in 1979. Over the long term, this trend threatens to drag on economic growth. There were five Chinese taxpayers for every senior citizen in 2010; by 2030, there will be just two. But for businesses that stay ahead of the demographic curve, there will be big opportunities—another 200 million new customers. Slowly but surely, digitally-savvy seniors are changing the game for brands in China.
More domestic brands appearing on store shelves may indicate that the golden days for foreign brands are slipping away. “Made in China” was once considered a sign of cheapness and low-quality, but the belief now has changed. Chinese consumers now think that Chinese brands are equal to, or even exceed, foreign brands. As buyer confidence grows and domestic quality improves, what can multinational brands do to regain ascendancy?
What makes Chinese consumers tick? That’s the question Chris Reitermann, CEO of Ogilvy China, has been puzzling over for the last two decades. Reitermann began his career at advertising giant Ogilvy & Mather in the 1990s, moving to Beijing in 2000 to set up the digital agency OgilvyInteractive. Since then, he has risen to head up the company’s entire operations in China. In this interview, he discusses the dramatic changes that have taken place in Chinese advertising during his time here, why China has much to learn from India on running a great campaign, and what the industry may look like by 2027.
Companies are dying fast these days. In the 1950s, the average age of a company on the Standard & Poor’s 500 index was 60 years, now it is less than 20. But International Business Machines (IBM), known as “Big Blue”, seems to be an exception. Over the past few decades, it has managed to keep up as others were dying and has successfully transformed itself. Now it has become a provider of cognitive solutions and cloud services. How has such a giant company managed to transform? Gill Zhou, chief marketing officer of IBM China, offers an answer in this interview with CKGSB Knowledge.