Why market to China?
Your Post-Brexit security...
Although China’s growth has slowed down over recent years, be in no doubt that even with a slower paced economy consumption growth is still tracing a staggering trajectory. By 2020, China’s consumer economy is projected to expand by about half even if annual GDP growth slows to 5.5%. To put this into perspective even at this worst case scenario growth rate, this growth will still be comparable to adding a consumer market of 1.3 times larger than that of today’s Germany or UK.
Due to the uncertain outlook for the UK since Brexit, UK firms need to think global and diverse. Why look at a market with 700 million citizens when you can invest in a market with 1.4 billion. McKinsey reports that by 2020 more than 75% of China's urban dwellers will earn between $9k and $34k (with the average wage currently at around $13k) and this could help to expand demand for consumer goods over the medium term. Therefore UK consumer goods companies with a foot into China could see a major boost and attraction for investment from Chinese consumers and businesses.
However, to be successful in China overcoming the cultural and language barrier is crucial. Great Wall Marketing can offer this bridge between Western and Chinese cultures, we are run by Chinese and British Born Chinese marketers with a combined 30 years’ experience in marketing making us your ideal China marketing agency partner.