As markets remain shaky around the world, foreign businesses have begun to see the potentials of China’s market. As a result, foreign firms are launching China-focused products and brands in hopes of wooing the nation. Apple’s “Designed in California, Made in China” T-shirt is a perfect example. When a new store opened in Shanghai, they changed the slogan to “Designed in California, Made for China.”
“This Made-for-China phenomenon is just one of the many sub-trends spawned by the macro trend of economic and consumption power shifting toward emerging markets,” a report from Trendwatching.com said.
Lu Haiqing of Tesco China called China the “last untapped market on Earth.” He added that “any wise and rational enterprise will have no choice but to come to China, no matter if they like it or not.”
Tesco endeavored into the Chinese market in 2004, and has since opened more than one hundred outlets. “More than 4 million Chinese consumers shop at Tesco China every week and the trend of trade-up is obvious,” Lu said.
Still, despite the positive sides to the market, cashing is a real difficulty.
“The Chinese market is vast and unique. It’s so special that merely dumping an existing management scheme, which succeeds elsewhere, is doomed to fail here,’ Lu said.