Around the world, there are few markets like that of China which flourished so much in the past few decades and moreover, shows sustained growth momentum. With the recovery of national economy, 2010 saw a sharp increase in advertising market. Along with the continual expansion of middle class, China has just overtook Japan, becoming the world's second largest economy and also surpassed the United States becoming the world's largest car market, and soon, China will overtake Germany to become the world's third biggest advertising market. But all of these are just a beginning. It is supposed that more global manufacturers and brands will enter into the China market when the full operation of Business One Global Trade Center starts.
From the data by Statistical Bureau, we can see that China's current average consumer spending showed a sustained growth of 15% a year in the past five years. And the private sector and consumer spending only accounts for 36% of the country's GDP, which suggests there is still huge potential in China’s consumer market with no doubt. This is also reflected in China's next five-year-program. According to the adjustment plan of economic structure during 2011 and 2015, the export-led economic structure will be replaced by a domestic-led one focusing on stimulating consumer spending and increasing domestic demand. This will be a huge change.
New banks predict that in 2020 China will become the world's largest consumer market. But the vitality showing in China’s market also means big challenges for both Chinese and foreign brands for it is unprecedented in other parts of the world.
Although the number of consumers is quite huge, the brands still don’t know how to approach the consumers. According to the survey conducted by Our Observation of Forbes' between January and February this year, the respondents of 300 senior marketing experts from both China and foreign enterprise express their concern of this huge challenge.
There is no doubt that China has a very large market potential. But how to enter into China’s market and develop the brand is a question to be solved for most foreign brands. It relies on not only the effort of foreign brands themselves but also some Chinese professional trade platform like Business One Global Trade Center. Through both the form of electronic commerce and support of large exhibition, more win-win cooperation between Chinese trade platform and foreign brands is to be expected.