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On Tuesday 16 February, ACBC Victoria Gold Sponsors, Pitcher Partners, hosted our first event of the year with Mr Christopher Kong, Director and Chinese Client Business Partner at Nielsen. Christopher was able to provide guests with in-depth and up-to-date information about the evolution of Chinese consumers in ‘the new normal’, what products are currently ‘winning’ in the China space and how they are achieving that success, as well as the implications for Australian companies.
Chinese consumers are spending more and spending more wisely. While there has been a slight slowdown in retail sales growth, Chinese consumer confidence remains strong and demand for premium, high quality products leaves considerable opportunities for Australian companies. In order to capitalise on this, Christopher pointed to three factors which Nielsen’s research has shown to lead to success – breakthrough innovation, O2O (offline to online retailing and vice versa) and affordable premium. Products playing to convenience as well as health and wellness, products which can converge with offline retailing and products that are priced at a premium, have the potential to experience success.
Current challenges in reaching the Chinese market include local Chinese competition and finding strategies to reignite growth in sales. Further, given that the Chinese are spending more time on their mobile phones, Christopher emphasised the need to understand who you are reaching with digital media, pointing to the importance of targeted advertising and social marketing, accessible on mobile phones.
We greatly appreciate and thank Christopher for his presentation, along with Mr Theo Sakell from Pitcher Partners for generously hosting the event.