China is rising
Consumers perceive China's Brands to be making ground on the USA, France and Germany when it comes to quality.
I read an interesting article online today. It made a bold statement as to the development on one of world’s economic powerhouses. As western brands struggle to find a foot-hold in China, China itself is pushing forward, developing - or buying - global brands and making real headway in the race towards owning the perception of ‘quality’ in the minds of consumers.
Astonishingly, the study places China ahead of South Korea and Sweden. However, is this any surprise? The Chinese economy has experienced dramatic growth over the past two decades, with the population becoming increasingly prosperous, well travelled an quality aware, coupled with this, most of the highest quality brands are manufactured in China - Apple for example produce their iPad and iPhone in China and it was only a matter of time before the knowledge gained in producing for the globes top brands was passed to local Brands.
Although we are seeing the usual suspects holding on to the ‘top of mind’ when it comes to a perception of quality (USA, France and Germany), the second tier are shuffling.
Looking forward, I will see USA, China and South Korea battling on the consumer electronics sector with China and Germany battling over the luxury goods segment. I see the Middle Eastern Brands challenging the dominance of French, Italian and Spanish Brands in the hospitality sector.