2 days Ago By Daniel Ren
Wealthy Chinese are still willing to splurge on high-end products for better quality and reliability, international brands and retailers said, as foreign companies expand their footprint in the world’s largest consumer market despite a challenging economy. Singaporean massage-chair maker Osim, Swedish furniture chain Ikea and Japanese home-goods retailer Muji all said they would continue to open new stores in mainland China. “Rich people here give priority to quality and they trust reputable foreign brands,” said Lily Yang, assistant brand director of Osim China.
“For them, value-for-money does not necessarily mean buying the best products at the lowest prices. Rather, they hope that the quality and performance of a product they buy deserves its price, even if it is higher than the market average.” “Our sales [at the CIIE] this year are set to beat our expectations,” she said.
“Osim will keep its expansion pace in China and look to penetrate new first-tier cities Suzhou and Chengdu.” The lifestyle-product maker owns 200 stores across the mainland, accounting for half of its global total. It owns a factory in Suzhou, about an hour’s drive from Shanghai, to manufacture massage chairs for Chinese clients.
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