September 2nd Asian Marketing News Of The Day

Crossover coffee shops are a new trend in China, particularly among luxury brands looking to diversify their business. Brands ranging from Chanel to Ralph Lauren that sell high-end clothing, shoes, and handbags are attempting to reach customers through their coffee brew, spawning the “luxury branded café” trend.

According to business information platform IT Juzi, the average Chinese pet owner spends 6,650 yuan ($960) per year on pet products, which is more than the average Chinese consumer spends on food, tobacco, and alcohol.

A recent survey by the Dong-A Ilbo on 44 primary consumer goods and distribution companies in Korea asked, ‘What areas are MZ consumers most sensitive to?’: fun (95.6%), trend, and design (90.9%) are at the top of the list. The price/cost ratio (43.2%) showed a relatively low response rate.

According to McKinsey research, Japanese GenZ (51%) are significantly more likely than Generation X (31%) to prefer popular brands. 90% of Generation Z in Japan said they always do research before buying. Bargain seekers make up 15% of Gen Z respondents, a smaller segment than others, but surprisingly high brand loyalty makes them worthy of being targeted by businesses as consumers with high lifetime value. For example, 80% of bargain seekers in Japan always choose a known brand over a new product.