HK AND MAINLAND CHINA CONSUMERS
Focusing on experience and self-actualization for competitive advantage
Young people’s preference are more similar than ever, across all regions, not only in Greater China, but around the world.
In times of uncertainty, consumers crave a sense of control over their lives. Brands can deliver the information and options that consumers need to feel like they’re in the driver’s seat.
The global pandemic forced consumers to reconfigure their lives and test their mental resilience amid health risks, economic hardship and isolation. Now they are reassessing their priorities, identities and work-life balance. Consumers refocus on sustainability and the enhanced customer centricity, brought on by Covid-19, is here to stay.
To speak to these consumers, brands need to understand the customer headspace and their need for convenience and safety, certainly. But on a deeper level, finding ways to appeal to consumers’ self-improvement, self-actualization and need for higher-order fulfilment is key. In this regard, consumers around the world, and not only in China, are in search of destinations that provide an exceptional level of multi-dimensional and stimulating experiences and memories.
What is more, while these consumers are willing to spend money, they value their time and wallets and are highly selective in their consumptions as to ensure that they are paying for the experience, service or products which best helps them self-actualize, as only those who have higher self-actualization scores are much more motivated by growth, exploration, curiosity and purpose in life, which is what I want to encourage with my K11 brand and in anything I do!
Every consumer who enters any K11 brands, will immediately feel empowered and their imagination inspired. Their shopping experience is transformed into a truly immersive activity that delivers refreshing new journeys for the next generation of customers.
This is a common trait for consumers on both markets, which will be key to understand and fully nurture in the following 5 years and beyond to achieve a substantial competitive advantage.