UK CHINESE CONSUMERS REVEALED IN OUR LATEST CONSUMER SURVEY

UK CHINESE CONSUMERS REVEALED IN OUR LATEST CONSUMER SURVEY

19 May, 2015 - Uncategorised

Survey_banner_FINALWith the increasing global purchasing power of Chinese consumers, top level surveys have previously examined the Chinese consumer’s wealth levels and spending patterns. However, very few have stratified the data alongside consumer preferences and none have been done specifically on the UK market. To gain a deeper understanding of the UK Chinese consumer, WEI-UK Consulting have carried out a survey of this consumer in association with JC DECAUX and Heathrow airport. The initial findings have identified new purchasing trends for the UK Chinese consumer.

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According to the survey of over 3,000 respondents, Oxford Street beat a number of exclusive areas including Regent Street and Bond Street as the place to buy high-end goods. Steven Bywater, the commercial director at Wei-UK is overseeing the project and says ‘Most UK retailers acknowledge the importance of the Chinese consumer, but very few know who they are beyond the fact that they are Chinese and have money to spend. ‘Our aim with the data survey is to not only show brands a deeper level of understanding that is quantifiable, but use the data to help them better engage with and convert sales.’

With Chinese tourists spending a record $164.8bn (£107bn) overseas last year, there is a clear opportunity for British firms. In addition to the resident Chinese expat and foreign student communities, the UK attracts an increasing number of tourists from China who want to buy authentic designer goods, which are nearly double the price back in China due to government import taxation.

THE DATA ALSO SUGGESTS THE FOLLOWING TRENDS:

  • International travel by a large margin is considered the most popular luxury expense for Chinese consumers over the next 12 months, followed by technology, bags, clothing and beauty products.
  • The Chinese consumer in the UK on average plans to spend 57% of their annual luxury goods expenditure in the UK.
  • Chinese Consumers in the UK are young, 77.17% are below the age of 30 and the Chinese students studying in the UK represent the most affluent demographic.

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The results are preliminary and the survey will continue to run until 15 June with the full report due in the summer, which will include data on how other shopping destinations rank, favourite department stores, social media preferences, and UK brand recognition levels.

For more information and interviews please contact Steven Bywater. E-mail: team@mint-edition.com or give our team a call on 02036423899.