On March 8th, I delivered a keynote speech “Winning Chinese Consumers: A Once-in-a-lifetime Opportunity” at TFWA China’s Century Conference in Guangzhou Four Seasons Hotel.
Here is a brief summary of my speech:
Throughout history, there has never been a consumer group that is so dynamic, so vivacious, and so futuristic as the Chinese middle class.
Chinese consumers have dazzled the world with their spending power. At last year’s Singles Day shopping festival, Chinese consumers spent $17.8 billion in just 24 hours.
A major driving force for China’s consumption is the millennials – those aged between 19 to 35 years old. They are a new breed of consumers, who will shape the future of commerce.
Three things stand out about them: they are free spenders; they are mobile shoppers; and they like to socialize and be entertained while they shop.
That’s why ecommerce in China is mobile commerce, social commerce, and entertainmerce – all rolled into one.
In this regard, China is the future. Now we can look at China, and get a glimpse of what retail will be in the West.
Companies have this once-in-a-lifetime opportunity to win hundreds of millions of consumers.
More than 400 business executives from the travel and duty free industry attended the conference. It was exciting and fun!