1. Text: | Print|

      Consumers have healthy respect for brand names

      2014-02-26 13:01 China Daily Web Editor: qindexing
      1
      (Photo: China Daily)

      (Photo: China Daily)

      China's consumer health market is expected to experience an upswing in the next five years, The Boston Consulting Group said on Tuesday, saying that rising health consciousness in the world's second-largest economy will spark business opportunities.

      China's growing health and wellness market is poised to reach nearly $70 billion by 2020, said BCG's Center for Consumer and Customer Insight, which surveyed 2,600 middle-and upper-income consumers aged 18 to 65 from across China.

      "We project an average year-on-year growth of about 11 percent for the over-the-counter treatments segment and vitamins, minerals and supplements market between 2014 and 2020," said Wu Chun, who is a partner and managing director at BCG Greater China. The survey said that Chinese consumers are willing to pay more for brand names and higher-quality products.

      Factors behind the trend include rising incomes, stressful effects of urbanization, an aging population and ongoing issues with food safety and quality.

      "Almost half of the Chinese consumers we surveyed said they feel subpar because of lifestyle factors such as work pressure, family obligations and long work hours," said Carol Liao, a BCG senior partner and co-author of the report.

      Chinese consumers are not only seeking treatments but also prevention through exercises, diet and VMS products.

      More than 60 percent of consumers both from the lower economic spectrum (with annual household incomes of 120,000 yuan to 240,000 yuan) and the upper one (with annual household incomes of more than 240,000 yuan) said they believe that "taking VMS and OTC products is effective and convenient".

      Traditional Chinese medicine and products with multiple functions also are popular with Chinese consumers, many of whom are concerned about the side effects of Western OTC products.

      "TCM is popular with consumers of all ages, not only the older generation," said the report, adding that TCM is preferred by 55 percent of residents of large cities, compared with 35 percent in small ones.

      But to get a bigger share of an increasingly attractive market, manufacturers should invest more in brand strength, product efficacy and expertise, Wu said. "Before jumping in and committing valuable resources to secure a foothold, most companies are wrestling with a variety of strategic issues, such as which consumer segments to target, which products to offer, how city size affects consumer behavior and which distribution channels to use," said Wu.

      But the consumer health market in China remains quite fragmented due to a broad range of preferences, based on things like age group, city size and income level, so companies must develop product portfolios that play to distinct business strengths.

      Added to this is the fact that better-known brands are considered safer and of higher quality than lesser-known brands, especially when it comes to OTC products and self-medication.

      In order to capture the market, companies should focus on brand building, according to BCG.

      "Companies with strong brand equity may be able to capitalize on it by extending the brand into other product areas or consumer segments," said the report.

      Along with developing campaigns to educate consumers about product quality and value, as well as to correct common product misconceptions, the report said it is critical for companies to have a retail presence and shelf space in major pharmacy chains, which are considered the most important sales channel for health and wellness products.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 亚洲一区精品中文字幕| 亚洲午夜福利精品久久| 亚洲精品中文字幕无乱码麻豆| 免费黄网站在线看| 国产亚洲美女精品久久久2020| 精品国产污污免费网站入口在线| 亚洲 无码 在线 专区| 亚州**色毛片免费观看| 亚洲男人的天堂在线va拉文| 亚洲第一视频在线观看免费| 亚洲中久无码永久在线观看同| 你是我的城池营垒免费观看完整版 | 亚洲成av人影院| 日韩精品人妻系列无码专区免费| 亚洲三级电影网站| 欧洲一级毛片免费| 亚洲日韩国产AV无码无码精品| 国产男女猛烈无遮挡免费视频网站| 亚洲欧美中文日韩视频| 午夜国产羞羞视频免费网站| 亚洲免费无码在线| 亚洲丁香色婷婷综合欲色啪| 91手机看片国产永久免费| 亚洲色偷精品一区二区三区| 亚洲性久久久影院| 久久青草91免费观看| 国产精品亚洲精品| 亚洲精品黄色视频在线观看免费资源| 成全高清在线观看免费| 亚洲国产成人在线视频| 国产又大又黑又粗免费视频| 你是我的城池营垒免费看| 91嫩草亚洲精品| 亚洲av麻豆aⅴ无码电影 | 人妻仑刮八A级毛片免费看| 亚洲女同成av人片在线观看| 亚洲一区二区三区免费观看| 国产精品亚洲片在线花蝴蝶| 亚洲av无码潮喷在线观看 | 亚洲成人高清在线| 99精品免费观看|