Footfall tracking firm, Synovate Retail Performance, has released a report advising retailers and luxury brands on entering the Chinese market.
The study, ‘The Changing Landscape of the Chinese Retail Market’ analyses the retail industry and luxury brand space in China, specifically looking at current consumer behaviour and opportunities for retailers and consumer brands.
Covering insights including who is spending, what types of goods are being bought, changing consumer behaviour as well as exploring the Chinese mindset and retailers’ reactions, the opinion piece also includes a section on growth outside of China’s major cities and the role of online shopping behaviour in the retail mix.
Tim Denison, retail intelligence director at Synovate Retail Performance, said: “China has an extraordinary mix of different retailers in the country, a unique population shape and a very distinct mindset about luxury retail. We work with a number of top brands to help them understand customer trends during the purchase time frame, analysing their behaviour while they are in the retail store environment. By understanding tiny differences in consumer behaviour and being able to react to them quickly (for example placement of merchandise), retailers can dramatically influence revenues – store to store and country to country.
“Before entering the Chinese market, it is worth having a detailed understanding of where the real opportunities are. To understand this, a brand needs to examine the Chinese mindset to retail and particularly in relation to luxury brands.”