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Thread: Why do Chinese Consumers favor foreign brands?
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[quote=FRANKENSTEIN,248476]Despite of the big trade surplus in international trade, China, a economic power, begin heeding its loss of large market share at home. The Chinese government is facing a crux in its marketing strategy. That is how to win over the heart of fastidious domestic consumers. The statistics from China's Ministry of Commerce in 2006 shows that Foreign brands dominate China's domestic market. In the past ten years (1994-2004), the market share of foreign manufactures has beem quadrupled, up to 31%. In the industries of textiles, clothe and footwear, foreign brands took up 50% market share. In IT industry and domestic furnishings, foreign brands hold a market share of respectively 82% and 51%. That is to say, China is facing a manufacturing crisis. The key to improve the situation depends on how to raise its nationals' confidence in National Brands. Additionally, 60% of China's total value of exports comes from the contribution of foreign invested companies and joint ventures. 90% exporting companies import the raw materials or accessories from overseas market to keep functioning. How to win over its home customers is a harsh problem for China. With a population of 1.3 billion, China is a promised land with a hugh potential market. Why do Chinese consumers favor foreign brands? What do your think?[/quote]
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