Charting new paths to sustainable growth amid current market uncertainties has never been more important. In the wake of COVID-19 resurgence in many cities in China, we are witnessing new waves of disruption, at a much faster pace, that challenge our traditional assumptions about core drivers of demand: price, quality and convenience.
In last year’s issue, we revealed that many pandemic-induced consumer changes are still sticking – some have translated into long-term shift in consumer behaviour. We learned that Chinese consumers are becoming more “phygital” in their choice of channels, more accepting of domestic brands, as well as more conscious of the social and environmental impact of their consumption.
PwC’s 2022 Global Consumer Insights Survey China Report reveals that, consumer sentiment and behavioural shifts developed during the pandemic have had a lasting impact on retailers, coupled with new risks as varied as geopolitics, inflation, resurgence of COVID-19 cases – consumer behaviour are crystalising and redefining what success means for retailers.
Consumers change and adapt, so should retailers. As market volatilities continue to unfold, the ultimate question for retailers is, are they standing on the right side of the upcoming trends as consumption patterns evolve, and what are in their strategy toolbox to keep them on track for sustainable growth in the new era?
Four pillars of change that are transforming the market and their business implications:
Find out more about how these insights can help brands and retailers chart new paths of sustainable growth in the next retail evolution.
Asia Pacific, Mainland China and Hong Kong Consumer Markets Leader, PwC China
Tel: + 2289 1033