China Market

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China Overview:

China has a population of 1.36 billion in 2015 with GDP growth of 6.8%. It has become the second largest economy in the world. China imports reached US$1.92 trillion in 2014. With the explosive growth, China has been seen as the 3rd export country for Canada and 2nd for the U.S. China has large needs for industrial products from Canada, and Canada regards China as an important source of electrical machinery and equipment, mechanical appliance source.(Source: Euromonitor)

 

China Outbound Tourism Market:

In 2014, Chinese outbound travellers have reached 107 million and it is estimated that there will be 140 million outbound Chinese travellers with expenditure of $188 billion in 2015. Data have shown that over 405,000 Chinese travellers have visited Canada with a total expenditure of over 800 million in 2014. Most Chinese tourists travel with a tour, however, as the trend grows, more and more Chinese plan to do personalized and individual travels.

Unlike people in Western countries, Chinese travelers behave differently in terms of reasons for travel, time to travel and holiday planning. Shopping is always the primary reason for their trips to developed countries. Besides, Chinese travelers tend to search on different digital channels to find information and reviews about the destination.(Source: Attract China, Frederic Gonzalo)

 

 

Chinese Consumers:

 

As a newly emerging market, China is under the spotlight. Despite the argument over slowed down development pace or the relative low consumption rate to GDP, one thing is certain that China has the largest population for both online and offline market. There are 620 million Internet users in China in 2015, an equivalent of one out five users on the Internet in the world is Chinese.

Deeply influenced by traditional culture, Chinese consumers are natural value seekers. Due to socio-economic environment in the past decades and due to cultural mindset, Chinese consumers are inclined to find the best deal, which implies they spend longer time in reviewing and comparing products.

Consumer behaviours vary across the country. Surging Chinese middle class reside not only in tier-one city, like Beijing or Shanghai, a large number of them live in smaller cities. Their attitudes and perception for buying are different. Some of them are more price-sensitive, while others however pursue for quality and showing personal taste.(Source: Forbes)

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