A recent report from consultants Bain and Kantar Worldwide argues that China’s shoppers willpay up for quality when choosing everyday items. Foreign brands have been winning in somepremium segments. As the Chinese trade up, beer makers such as Budweiser and Heinekenhave taken share from local producers. Last year, domestic market leader China ResourcesEnterprise’s beer turnover rose by 5 per cent, but profit from the division declined by nearlyone-fifth as competition forced more promotional activities. Still, in recent interim resultsCRE’s average selling price also benefited from the shift towards premium products.
咨询公司贝恩(Bain)和Kantar Worldwide最近在一篇报告中指出,中国消费者在选购日常用品时愿意为优质商品多付费。在一些高端市场,外国品牌一直占优势。随着中国人青睐高端产品,百威(Budweiser)和喜力(Heineken)等啤酒制造商夺走了本土生产商的一些市场份额。去年,本土领军品牌华润创业(ChinaResources Enterprise)的啤酒业务收入增长5%,但由于竞争加剧,该公司不得不推出更多促销活动,使得其利润下降近五分之一。不过,在最近发布的中期业绩报告中,华润的平均售价也因转向高端产品而受益。
In most product categories, however, the gains have skewed far more clearly to domesticbrands. This is due in large part to their presence in lower-tier cities, where retail growth hasbeen strongest and locals have a distribution advantage. Bernstein Research points out thatdomestic leader in sanitary napkins, Hengan, fits this mould. At 19 times forward earnings forlow-teens growth, it is not cheap. At the moment, however, defensiveness seems worth payingfor.
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