Survey: Chinese care more for price, less for brands

Chinese shoppers are becoming more price conscious and less brand-loyal, according to a survey conducted by consultancy McKinsey. Although recent retail sales figures have been encouraging, the survey concluded that consumer goods companies will have their work cut out for them satisfying an "increasingly discerning and sophisticated" target market, the Financial Times reported. However, there appears to be a greater willingness to pay a premium for high-end products. The top 15% of consumers will pay up to 60% more for top-of-the-range household electronics and 300% more for certain personal care products. This may lead to the kind of polarized consumption patterns seen in the West, McKinsey noted. Companies are advised to compete at one or both ends of the market. The survey also found that 80% of respondents thought environmental protection should be a priority, while food safety is also increasingly important.