Warc, 19 September 2014
CHICAGO: Chinese brands have a "tangible
opportunity" to establish themselves in the US market, a new study has
claimed, as millennials are open-minded to products from overseas, ranking
China ahead of neighbouring Mexico or tech/car exporter Korea.
Monogram Group, a branding agency advising Chinese manufacturers
on building US brands, surveyed more than five hundred 21-32 year olds, testing
their attitudes and buying patterns as regards China and Chinese brands.
While most (96%) preferred to buy US goods, China featured
strongly among countries this group would buy from, with 61% willing to buy
items originating there. This was just behind Germany and Japan (both 67%),
both of which have a long history of making high quality products.
In fact, 58% of respondents said they would likely buy a
Chinese branded product in the next three years.
When asked specifically about their thoughts on purchasing
goods from China, a majority (84%) said they were willing to buy such products.
And twice as many would think about buying brands they recognised (28%) as
compared to ones they didn't (13%).
"The major takeaway from this report is that the
popularity of Chinese products exceeds those from other major markets, and the
willingness to buy is even stronger if the brand is recognised," said
Scott Markman, Monogram president.
"Our research demonstrates with proper brand
development, broad online/offline distribution and service/warranty support on
par with established global brands, Chinese brands have a tangible opportunity
to gain a foothold in the US market in the near future," he added.
This was especially true in certain categories, notably
office products, electronics and light bulbs, where more than 50% of
respondents indicated a willingness to purchase even though their awareness of
brands in these categories was negligible. Lenovo (51%) and Haier (22%) had the
highest awareness levels.
Set against these optimistic prospects for Chinese brands,
however, was the continuing perception that Chinese products are low quality
and low price. Some 47% held this view, compared to just 26% who thought they
were good value products.
Data sourced from PR Newswire; additional content by Warc
staff
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