Why America’s Biggest Brands Are Failing to Keep Up in China | WSJ (youtube.com)
‘Made in China’ a big thing, printed on products and signs in China. Even though they are sort of copies, like a MacDonald's restaurant but it's a Chinese brand and ‘Made in China.’
Once a big market for US brands, 1b shoppers in China. US brands (and Europe, right? with luxury brands) had a fairly free run at the Chinese market for decades.
Apple iPhone sales down 20% (8% revenue down in China), Huawei phones up 70%.
Starbuck sales down 8%, Luckin up 40%. 2023 900 new Starbucks in China (total 7000). Luckin opened 9000 (total 19000). Luckin is ‘telling its brand story in a way that really resonates with who the new middle classers are.’
Isn't this exactly what all countries should do though, and what governments should have promoted or provided for over the past 10 years?
The Chinese brands often incorporate elements of Chinese traditional culture and style. So will we get a trend away from total generalization, which people everywhere (sans the biggest corporations) lament?
Younger Chinese consumers don't adore the West like past generations, who bought something from the West just for the virtue of it being from the West. Reportedly.
...