China is the world’s second-largest economy. The possibilities for investment and profitable gains are immense. That’s why it makes sense to start your new business in China.
The predicted gains from the recent initiatives of the Chinese government—such as One Belt One Road (OBOR) and China free trade zones—are sure to be substantial. However, the Chinese consumer market is not the same as your average market. The Chinese people are used to a different kind of life; this can open a wide range of business possibilities.
Here are a few things you should know about the Chinese consumer:
The Chinese people come from a strong traditional background. They have a way of doing things that has always worked for them. Principles of loyalty and value are very important for them. According to research
, more Chinese consumers use local brands than foreign ones. This is not because they don’t trust foreign products, but because they know local brands will offer better value and superior products.
Shifts in spending trends:
Although Chinese people still spend more on necessities, there has been a shift in their spending habits. Consumers are now open to spending more money than they were before. They are traveling more and spending on more luxurious items than before. It is trendy to try new things in China now, which has given rise to a number of new business ideas.
Best Products in the market:
Despite the stereotypical idea that Chinese consumers always go for the cheaper product, they’re now looking for the finest products in the market. There is a change in what drives Chinese consumers
. They want the best possible quality with the most reasonable prices. Being more health conscious as well, they’re looking for the best personal care items as well.
Establishing a representative office in China:
With the increase in Chinese consumer spending, this is the perfect time to test the waters of the Chinese market. The easiest way to get into it i
s by establishing your own Representative office. This is commonly known as a liaison office.
It is basically a legal entity that is responsible for foreign business representation within China. It is cheaper and faster and enables you to analyze the market trends and the habits of Chinese consumers. You don’t need to register any capital for it and you can use both commercial and residential spaces in China. The representative office can help you promote your business by creating a local network and developing targeted advertisements.
Business China makes this process even easier by taking over all processes including getting the business registration certificates, making sure your business is in compliance with the local accountancy standards as well as doing the menial task of opening a bank account in China. We have a range of prices and packages
to choose from. Contact us
now to consult about establishing your own business representative office in China.