Market research is a key tool for companies aiming to expand their reach and understand consumer behavior. China presents immense potential for companies seeking new market opportunities with a population of 1.4 billion and a rapidly developing economy.
Consequently, market research in China has assumed a central role for companies striving to secure a competitive advantage in this intricate and constantly evolving market.
The market research industry in China
In recent years, China’s market research industry has been booming, driven by a flourishing economy and an insatiable appetite to learn more about consumers. This expansion is due to a number of factors such as the growth of the middle class, higher consumer spending, and the growing need for market research services in various sectors.
The Chinese market research landscape is marked by a strong preference for the consumer goods, automotive, healthcare, and technology sectors – and the market research sector is on the verge of considerable growth, offering a number of attractive prospects for organizations interested in gaining advanced insights to establish a competitive advantage in the marketplace.
Furthermore, China’s market research landscape presents a distinctive character, shaped by a mix of conventional and digital research methodologies. While traditional techniques such as focus groups and in-depth interviews remain dominant, the popularity of digital tools such as online surveys and mobile research apps are on the rise. This trend is especially evident in urban areas, where access to technology is greater and consumers are more receptive to modern research approaches.
The Importance of Market Research in China
You may be thinking about doing business in China. China is the world’s second largest economy with over 1.3 billion people. Gaining the information you need to succeed in that market is critical.
Secondary sources about markets and companies, or government census data are more difficult for foreigners to access in China. And even if found, much data may not be reliable nor properly collected.
It should be clear that to obtain more accurate and up to date information, it is quite important to find a market research firm in China that has a physical presence there (preferably in regions of interest to you). Such a company should have several years of experience, a multilingual and multicultural staff, knowledge about your industry, good references and reasonable pricing.