A new report on consumer trends in China was published by YiMagazine and Uniqlo, the Japanese apparel retailer owned by Fast Retailing Co, on Wednesday. [Photo provided to chinadaily.com.cn]
A majority of consumers polled in China do not believe that high quality necessarily equates to high cost, a consumption trend report published on Wednesday has found.
Around 62 percent of people polled from first-tier cities with a monthly household income of between 60,000 yuan ($8,841) and 80,000 yuan said that once trust is established, they are willing to spend time and money, according to the report published by YiMagazine and Uniqlo, the Japanese apparel retailer owned by Fast Retailing Co.
The report, with a focus on studying how trust is reshaping consumption, is based on a survey of more than 5,300 consumers in China. The report found that nearly 80 percent of consumers trust brands less than they did previously, believed high quality does not have to be expensive, and big-name brands do not guarantee quality.
About 43 percent respondents refuse to mindlessly sign up for memberships and have developed a habit of comparing prices online and offline. Consumers’ first purchase of a particular brand tends to follow third-party evaluations, reviews and lived experience. Once trust is built, consumers purchase consistently over the long-term, according to the report.
