Building brand loyalty and a close relationship with the Chinese consumer is now a critical success factor for many premium international brands. The number of Chinese millionaires is expected to surpass that of any other nation by 2018, and by 2021 China is expected to have the most affluent households in the world.
A brand relationship is critical because “of the three brands considered for luxury purchase, two are considered top-of-mind, and are the ones that (Chinese) consumers actually buy on 93% of their purchasing occasions,” according to an August 2017 report from McKinsey & Company. “Wealthy Chinese are unlikely to purchase luxury goods that don’t fall within the two brands they consider top of mind.”
Global-Z International has been a major part of building the customer to brand relationship strategy for global premium brands for over twenty-five years and in the People’s Republic of China since 2003. Our address data quality expertise is built on a mature hygiene, matching and recognition process and the experience of processing 7.5-billion records with Chinese addresses. Today, it is one of Global-Z’s fastest growing markets, accounting for over 50% of our annual transaction volume.