02.02.12
What Works in China?
Given the persistent gloom that has hung over the Western developed economies in recent years, it is hardly a surprise that U.S. marketers large and small are turning their strategic sights to China.
Although there are intermittent signs that the red-hot Chinese economy may be due for a correction, the long-term growth prospects remain stunning. Economists expect China’s Gross Domestic Product to expand at more than 8 percent annually in coming years, versus a U.S. rate of 3 percent or less. The Chinese middle class is expected to expand to between 600 million and 800 million people over the next several decades with disposable income rocketing to more than $2.7 trillion.
This burgeoning army of consumers is increasingly wired and willing to spend money via the Web – a ripe opportunity for foreign brands looking to expand quickly using digital channels. According to research company eMarketer, digital B-to-C eCommerce sales in China are expected to explode from $6.9 billion in 2010 to $223.6 billion in 2015. Much of that will surely be spent on branded foreign goods, which enjoy especially strong appeal among up-and-coming Chinese.
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ABOUT ACQUITY GROUP
Acquity Group is a leading global Brand eCommerce® and digital marketing company, creating award-winning digital experiences for global brands. Our multi-disciplinary approach brings together strategy, design, and technology to create unique brand experiences that build firm customer relationships. Acquity Group works with leading brands like Adobe, American Express, General Motors, Grainger, and Tommy Bahama through offices in North America and Asia.