1. No category

White Collars
in the Global Slowdown
What they want and
how to reach them
Financial Advisory
16
Foreword
The economic turmoil of 2008 and 2009 has
affected consumption spending in many countries.
Many foreign companies have looked to the China
market to offset any losses they may have had in
their traditional core markets. As Deloitte noted
in its report from last year, "Outfitting the New
White Collars – Sizing Up the Potential for Global
Niche Brands in China," the emergence of the
middle class has been fuelling a rise in consumer
spending. This general growth created an
expanding white collar workforce with a greater
appetite for brand-name clothing and accessories.
This year, though the economic turmoil has had
an effect on China's export economy, the overall
mood domestically is upbeat. There are still
opportunities for new fashion brands to enter
the Chinese market and grow alongside their
expanding customer base.
•For the second year in a row, respondents
indicated that they are willing to pay a premium
for differentiated product; in 2008 the question
was about apparel, in 2009 it was about food. Both men and women indicated that they
would be willing to pay a premium for foods
certified to be safe; and women, especially,
would pay a much higher premium than men
Given this important opportunity, we focus this
report on the white collar group to explore further
their buying behaviour and views of both foreign
and domestic casual wear apparel and skin care
brands. Deloitte carried out market research and
a survey was taken of Deloitte China staff in May
2009.1 The results revealed the following insights
about the middle class consumer:
•Men are still primarily concerned with brands,
which need to be aspirational, but not
necessarily expensive
• Forty percent of respondents did not plan to
reduce their consumption spending
•Respondents plan to increase their discretionary
spending on education, recreation and travel
•Women tend to shop at a combination of
department stores, stand alone stores, and
street corner boutiques, while men are more
likely to shop at department stores and
hypermarkets
•Women are looking for more differentiating
qualities in a product rather than mere brand,
such as the design, the trend, and product
quality
•Men and women receive their brand
information from a variety of sources, though
both groups still rely heavily on magazines and
newspapers
- Women depend a lot on recommendations
from friends and word of mouth, and so
addressing this social aspect is very important
in brand marketing
- Men, on the other hand, are greatly reliant on
television commercials and on-line forums
- Brands should think very carefully about who
their target group is and the best marketing
strategy to reach them
1. Online survey of 1,079
Deloitte China staff completed
in May 2009. Respondents
were from 11 cities with strong
(minimum 300 respondents)
response rates in Shanghai
and Beijing. Total potential
population was circa 8,000 –
and the respondents have a
slight over-representation in
the more junior grades relative
to the underlying population.
While representative of an
emerging and affluent segment
of white collar consumers, this
demographic is not market
representative.
As the findings of Deloitte's new survey and their
potential implications are evaluated from both a
business and consumer point of view, separate
side discussions on food safety and Chinese
brands are also conducted.
This point of view should be of interest to all
current and prospective players in the China
Fashion Retail Industry including PE firms and their
portfolio companies evaluating investments in
Fashion Retail both in and outside of China.
White Collars in the Global Slowdown What they want and how to reach them 1
In a Good Mood
In 2009, few countries have escaped the impact
of the world financial distress. While there is no
doubt that the Chinese export sector is in heavy
recession, with job losses numbering in the tens of
millions, much of the domestic-focused Chinese
economy is faring well in comparison with many
Western economies.
Consumer sentiment is still relatively strong.
Growth is projected to slow in 2009; however,
retail sales growth in the first five months of the
year were 15% over the same five months in
2008 (Exhibit 1), indicating that the effects of the
recession have not hit consumers as hard as they
have in other countries. In fact, a recent Nielsen
survey2 of consumers bears this out. Globally,
77% of respondents felt that the current economy
was in a recession. However, in China, only 35%
of the respondents felt that the economy was in a
recession.
Deloitte China also conducted its own internal
survey of all its employees in May 2009.3 Forty
percent of the workforce answered that they
would not reduce, or did not plan to reduce,
their consumption spending. Overall they are
positive about their future, despite the economic
slowdown. When asked how they would
adjust their spending priorities, 60% of Deloitte
employees plan to maintain or increase their
recreation and travel spending, while 88% plan to
do the same for education spending. (Exhibit 2)
Exhibit 1. Total Retail Sales of Consumer Goods by Value (2004 - May 2009)
RMB in Billion
12,000
10,000
20%
16.8%
13.7%
8,000
13.3%
12.9%
15%
6,000
4,000
25%
21.6%
Jan-May
4,240
5,950
6,718
7,641
8,921
15%*
10,849
5%
2,000
0
2004
2005
2006
2007
2008
2009 Jan-May
0%
Value (LHS)
YoY% (RHS)
Note: Growth rate 15% is obtained by comparing retail sales of Jan-May 2009 to Jan-May 2008
Source: National Bureau of Statistics of China
Exhibit 2. In which areas would you reduce / maintain / increase spending on?
Proportion of Respondents
4
100%
90%
n=1,005
5
5
22
18
80%
25
39
70%
38
60%
89
50%
40%
63
78
55
30%
40
20%
10%
0%
12
Luxury goods
Restaurant
Recreation/travel
Education
6
Basic food & beverage
Decrease Spending
Maintain Spending
Increase Spending
Source: Survey of Deloitte staff conducted in May 2009 via an on-line questionnaire.
2. Nielsen survey (conducted from 19 March 2009 to 2 April 2009. Sample size = 26,000 )
3. While the survey is neither representative of all Chinese consumers nor of the cities in which Deloitte has offices, it is representative of a
sub-segment of the white collar consumer base.
2
10%
4.877
Spending on housing is another notable area of
planned budget increases. As might be expected
in tougher times, belt-tightening has trimmed
discretionary expenditures. Yet while budgets
for luxury goods have been slashed, anecdotal
evidence suggests that for restaurants, the
reduction may be attributed to patrons trading
down to less expensive venues rather than going
out less often. Meanwhile, nondiscretionary
spending on basic food and beverage appears to
be relatively unaffected.
Our discussions with retailers also indicate that
consumer sentiment is upbeat. However, as a
way to encourage spending, they aggressively
discounted their products in the first and second
quarters. While sales increased, margins were
down as a result of lower prices. As illustrated
in the 2008 Deloitte publication, "Outfitting the
New White Collars,"4 consumers are motivated
by sales, and from Deloitte's feedback from
retailers in 2009 and as shown in Exhibit 1, they
did shop. Retailers now lament that they may
have discounted too aggressively. With so much
shopping done in the first half of the year, have
they set the stage for weaker third quarter 2009
consumer spending?
4. (English: http://www.deloitte.
com/dtt/research/0,1015,sid
%253D11037%2526cid%25
3D221241,00.html, Chinese:
http://www.deloitte.com/dtt/r
esearch/0,1015,sid%253D976
4%2526cid%253D221247,00.
html)
White Collars in the Global Slowdown What they want and how to reach them 3
Positive Retailers
While there is a chance of a short-term blip in
overall retail growth, franchisee retailers feel that
there will be little or no impact from the financial
crisis. In a survey conducted in April 2009 by
Deloitte and the China Chain Store and Franchise
Association,5 franchisee respondents were upbeat
about their near-term prospects. (Exhibit 3)
Retailers in Western China have not seen much
impact, as they are more dependent on domesticoriented consumption. The Chinese government
has also been encouraging an increase in
consumption — for example, by providing rebates
for the purchase of household appliances in rural
areas.6
Online shopping has also seen a surge in
popularity. For example, TaoBao, a well-known
C2C and B2C portal in China, reported annual
growth in trading value of 130% to approximately
RMB100 billion for 2008. 7
As a result, even with the financial crisis, overall
retail revenue is still expected to grow by a CAGR
of 14.5% from 2008 to 2014. (Exhibit 4)
Exhibit 3. Franchisees’ Comments on the Impact of the Financial Crisis
n=35
91% of Surveyed Population
100%
9
90%
80%
41
70%
60%
100
50%
40%
30%
44
20%
10%
0%
6
Positive Impact
No Impact
Short-term
Negative Impact
Long-term
Negative Impact
Total Respondents
Source: CCFA & Deloitte Franchisee Survey – Late April 2009
Exhibit 4. Total Revenue of China Organised Retail Outlets (2000-2014E)
RMB in Billion
1,400
180b
USD
1,200
CAGR=14.5%
1,000
800
CAGR=6.6%
600
400 38b
USD
49b
42b 44b 43b* 46b USD
USD USD USD USD
57b
USD
81b
69b USD
USD
104b
90b USD
USD
200
0
2000 2001 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E
2014E
Note: Due to SARS
Source: Euromonitor; China United Securities Report; Deloitte Research & Analysis
5. (English: http://www.deloitte.
com/dtt/research/0,1015,cid%
253D267541,00.html; Chinese:
http://www.deloitte.com/dtt/re
search/0,1015,cid%253D2677
78,00.html)
6. Leu Siew Ying, China Stocks:
A Nation of Consumers, The
Edge Singapore, 29 December
2008
7. iResearch.cn, 淘宝年交易额
999.6亿元 网上淘宝成过冬趋势,
January 14, 2009
4
Point of Origin
100%
6.9
2.3
3.7
n=814
15.4
90%
80%
44.8
70%
60%
100
50%
40%
30%
26.9
20%
10%
>1
0,
00
0R
M
B
0
1,
00
01,
99
9R
M
B
2,
00
02,
99
9R
M
B
3,
00
04,
99
9R
M
B
5,
00
010
,0
00
RM
B
In the 2008 survey, we learned that once the price
of a fashion clothing item rises above RMB 1,000,
more people begin to care about its manufacturing
origins. (Exhibit 5) This year, the survey asked
respondents whether they differentiated between
domestically-produced products and imported
products in the skincare and casual wear sectors.
While in general, they believe that foreign
imported brands are superior to both foreign
brands produced domestically and local brands
(62% to 38%), their purchasing decisions based
on these criteria change depending on the type
of product. They seem to care much more about
the manufacturing origin of a foreign brand in
the skincare sector, but less so for casual wear
products. Brands entering the market would do
well to consider their target consumers' views on
this matter, as there appear to be variations by
product.
Exhibit 5. From which pricing level do you start to care about the manufacture origins?
50
099
9R
M
B
In the Deloitte China 2009 employee survey of
their casual clothing and skincare brand and
shopping habits, we followed up on some of
the findings from the 2008 survey discussed in
"Outfitting the New White Collars." In the 2008
report, we examined the rising awareness and
sophistication of white collar consumers regarding
foreign brands and place of manufacture. We also
looked at how much potential disposable income
they may have and their shopping habits.
Source: Survey of Deloitte staff conducted in February 2008 via an on-line questionnaire
White Collars in the Global Slowdown What they want and how to reach them 5
Gender is a Factor in
Consumer Profiles
6
25%
20%
24
19
16
15%
10%
13
14
2 3
1
16 16
14
12
11
3 2
13
12
1
5
5%
3 2
2
2 3
1
0
0
1
Re
Br
an
co
m
d
fro men
m da
Fri tio
en n
ds
Pro
du
ct
Sa
On
fet
l
W ine
y
or F
d- or
of um
M o
Pro
ou r
m
th
ot
ion
M
ate
ria
ls
En
do Ce
rse leb
m rity
en
ts
Pri
ce
De
sig
n
Tre
nd
Pro
du
ct
Qu
ali
Pro
ty
du
ct
M
ate
ria
ls
0%
Female
Male
Source: Survey of Deloitte staff conducted in May 2009 via an on-line questionnaire
Exhibit 7. Most Important Skincare Product Selection Criteria
Female vote n=1,059
Male vote n=434
35%
28%
30
29
21
21%
18
17
14%
18
14
1 3
2 1
3
13
2
7%
9 8
4 4
0%
3 3
2
4
1 1
Female
Male
Source: Survey of Deloitte staff conducted in May 2009 via an on-line questionnaire
0 1
en
do Ce
rse leb
m rity
en
ts
It was observed that in purchasing casual wear or
skincare products, men are more likely to shop at
department stores and hypermarkets, again for the
sake of convenience; these stores offer a wide variety
of brands. In contrast, women will balance shopping
at department stores with purchases at various
stand-alone stores and street-corner boutiques that
offer these products with the desired attributes while
maintaining quality. Brands that offer products for
both men and women will want to consider the
format and types of outlets through which products
are sold and whether these shop formats are likely to
reach their target consumers.
Male vote n=498
W Onli
or ne
d- Fo
of ru
-M m
ou /
Pro
th
m
ot
ion
M
ate
ria
l
Fo
llo
w
at
ren
d
Pa
ck
ag
eD
es
ign
As for skin care, women are most concerned about
the effectiveness, brand, and safety of a product
(Exhibit 7). Again, men are drawn first to the
product's brand, followed price and effectiveness.
Female vote n=1,135
30%
Pri
ce
The typical white-collar male shopper in our survey
has not reached this level of fashion awareness,
though he is status-conscious enough to choose
certain brands that reflect attributes he may want to
emphasise. He may turn to brands as reliable signals
of what good fashion is or as a way to project his
status. This has the added convenience of minimising
the need for judgment about quality or appearance,
so he need not spend much time thinking about
what to buy. This has implications for both foreign
brands entering the market and domestic brands.
Opportunities exist for men's fashion brands that are
aspirational (not necessarily expensive) with defined
values, positioning, and product fit.
Exhibit 6. Most Important Casual Wear Selection Criteria
Eff
ec
tiv
en
es
s
Fo
llo
w
ab
ran
d
Pro
du
ct
sa
Re
fet
co
y
m
fro men
m da
Fri tio
en n
ds
The findings of the most important first choice in
selecting casual wear indicate that men are more brandconscious than women in their purchases of these goods
(Exhibit 6). Price is still very important, but more as a
secondary choice. This may be understood by reference
to grades of fashion awareness attained separately
by white-collar men and women in China. Typically, a
moderately affluent Chinese woman who wishes to build
her wardrobe is seeking a few signature items branded
with key names such as Louis Vuitton. To these she will
add complementary items of trendy, well designed, and
good quality fast fashion (e.g., H&M, Zara) to complete
the look. In this way, the woman goes beyond a pure
brand statement, creating her own style using a mix of
fashion labels, not all of which need to be premium.
This is where we see the opportunity for both mid-level
western brands and emerging Chinese brands.
Getting the Message
In the skincare segment, forming a relationship
with the customer is even more important for
women, as beauty secrets and blemish remedies
are shared in the office and among friends
(Exhibit 9). On-line news and forums are another
important way information is shared among
peers, and magazines and newspapers play an
almost equal role in conveying brand messages.
In contrast, the survey indicates that men are still
heavily reliant on television to learn about brands,
indicating that the men's skincare market is still
nascent. As advertising can be very expensive,
brands should be very selective in targeting their
demographic and implementing the most effective
marketing strategy.
China continues to offer attractive prospects for
global niche brands to target the increasingly
sophisticated white collar consumer. Their overall
mood, though cautious in 2009, is still much
more optimistic than the mood of their peers
worldwide. To succeed in the highly competitive
Chinese market, both local and foreign brands
need nurturing and more sophisticated brand
management in order to establish a relationship
with and sell to the discerning new generation of
consumer. As our recent survey suggests, given
a compelling story, origin, and demonstration of
quality and safety, a brand has every chance to
succeed in the market.
Exhibit 8. Top Information Channel to Receive Casual Wear Brand and Product Information
Female vote n=931
20% 19
18
17
16
15 15
15%
Male vote n=427
13
15
14
11
9 9
10%
1 2
3 3
2
1
3
5
5%
6
3
4
3 3
2
1
2
1
& M
ne ag
w az
pr
om Sh spap ine
ot op er
ion pin
m g
Re ate ma
co
r ll
m ials
fro men
m da
Fri tio
en n
ds
TV
co
m
m
erc
ial
s
On
l
i
an ne
d f ne
Ou
or w
u s
td
oo ms
rb
i
or llbo
d a
Ou ispla rds
td
ys
co oor
m sc
m re
erc en
ial
s
La
b
th eli
e p ng
ro on
du
c
Sa t
int les
ro m
du an
cti 's
on
Sp
am
em
ail
s
Di
rec
tm
ail
ing
0%
Female
Male
Source: Survey of Deloitte staff conducted in May 2009 via an on-line questionnaire
Exhibit 9. Top Information Channel to Receive Skin Care Product Information
Female vote n=1,468
Male vote n=706
30% 28
24
25%
20%
20
19
16
18
14
15%
11
10%
1 2
2 3
3
1
5 4
5%
5
3
4
0
0%
6
4
3
0
2
1
1 1
Re
co
m
fro men
m da
Fri tio
On end n
s
an line
d f ne
or w
um s
s
& M
ne ag
ws az
pa ine
pe
TV
r
co
m
m
erc
ial
s
La
th beli
e p ng
ro o
pr
om Sh duc n
t
ot op
ion pin
m gm
ate a
ri ll
Sa als
int lesp
ro er
du so
cti n
on
Ou
td
oo
rd
isp
Ou
lay
s
td
co oor
m sc
m re
erc en
ial
s
Sp
am
em
ail
s
Di
rec
tm
ail
ing
Men seem to be most influenced by television in
their brand purchasing decisions, as it is the most
popular medium for them to learn about casual
wear apparel (Exhibit 8). On-line news and forums
are also important avenues for delivering brand
messages and product information. Women, on
the other hand, are more likely to learn about a
brand from looking at fashion magazines. Window
shopping and browsing in stores and shopping
malls are almost as important. Communication
of brand attributes through the media and in
shopping locations should therefore be considered
an integral strategy for a casual wear brand to
support its products. Forming a relationship with
customers is also critical, which could be achieved
by word-of-mouth recommendations from friends,
another key factor for learning about brands.
Female
Male
Source: Survey of Deloitte staff conducted in May 2009 via an on-line questionnaire
White Collars in the Global Slowdown What they want and how to reach them 7
Paying a Premium
Safe Foods
In "Outfitting the White Collars," we learned that the surveyed consumers are
very cost-conscious, and that one of their main motivations for shopping is sales.
However, they are also willing to pay a premium for goods with a value added,
such as high quality, brand heritage, or origin of manufacture. Consumers are
continuing to become more sophisticated in their product knowledge and
demand. They have also been rocked by numerous food safety and other product
quality scandals, most famously in the 2008 scare involving melamine-tainted
milk powder for children. It is no surprise that people may be inclined to see the
value-added of certified safe food.
When Deloitte China employees were asked if they would be willing to pay a
premium for certified safe food, 82% of respondents said yes, 54% of whom
would pay more than 10%.
As the age bracket of respondent increased, the proportion of respondents
answering "yes" also increased, and they were more willing to spend a higher
premium. The overall proportion of females and males answering "yes" was
about equal, but the amount of premium each sex was willing to pay differed.
Females were more willing than men to pay a higher premium for certified safe
food as the age bracket increased.
Willingness to pay premium for certified safe food
n=1,005
82% of Surveyed Population
100%
5
90%
3
15
80%
70%
60%
31
50%
40%
28
30%
20%
10%
0%
18
Unwilling to Pay
Extra
Willing to Pay
1-9%
Willing to Pay
10-19%
Willing to Pay
20-39%
Willing to Pay
40-69%
Source: Survey of Deloitte staff conducted in May 2009 via an on-line questionnaire
8
Willing to Pay
70% & Above
M&A Issues For Foreign
Brands Entering the
China Market
Brand Support Beyond Trademarks
For most consumers in the past, brands in China were often "showcase" items, badges of success— and more
often than not, foreign luxury brands. Now, brands are part of a person's lifestyle. Consumers are looking
for particular brand values and quality that express the way they feel. Women are focused on achieving a
certain look, and so are more open and willing to consider product quality that goes beyond the notion
of mere brand. On the other hand, men appear to view the brand as a signal of quality and status. What
is becoming increasingly clear is that both Chinese and foreign brands entering the market will struggle if
they merely offer a pure brand proposition with no discernable attributes, and no plan for communicating
those attributes to consumers.
Chinese brands have learned a great deal from the experience of comparable foreign brands, and are now very
much a force in the market. They emphasise their quality and local tradition and sometimes appeal to a sense of
Chinese patriotism. Those that convey the values, attributes, and personality that consumers want are now highly
visible; these include Metersbonwe, a casual wear apparel brand and retailer. The Chinese government has also
encouraged domestic brands by designating some as "National Famous Brands."
Foreign brands have been quick to recognise successful Chinese brands that have established a special place
in the hearts of consumers, and in some cases have moved to acquire or otherwise exploit these brands
to gain quick entry into the China market. A great deal of care and preparation is needed to succeed with
such a strategy. Firstly, when some foreign companies purchase local brands, they are actually paying for
the well-established distribution network of these Chinese brands, especially in second- and third-tier cities.
They then use the distribution network to market and promote their own brands, diverting resources from
the local brand. Secondly, some foreign companies have encountered difficulties in company integration
due to different structures and culture. Thirdly, in some cases the Chinese brands sold to foreign companies
are (unknown to the buyer) already in decline, and prove more difficult than expected for their new owners
to leverage and extract anticipated value.
The solution to these problems lies in companies supporting the brands they bring and the brands they buy.
This of course requires promotion by advertising, merchandising, and product placement, as well as delivering
quality and customer support. Moreover, the symbols employed in promotion should communicate information
about the product's attributes that will make it attractive to consumers. This in turn requires knowing who those
consumers are, where they shop, and what they want from the brands they buy.
Buoyed by the support of a traditional advertising campaign designed to boost the brand, global niche brands
entering the market and domestic brands both have a real opportunity to appeal to white-collar workers who
are seeking to differentiate themselves and whose purchasing power is increasing year by year.
White Collars in the Global Slowdown What they want and how to reach them 9
About Deloitte
Dalian
Beijing
Tianjin
Nanjing
Suzhou
Shanghai
Hangzhou
Guangzhou
Shenzhen
Macau SAR
Hong Kong SAR
Deloitte Global
Deloitte provides audit, tax, consulting, and
financial advisory services to public and private
clients spanning multiple industries. With a globally
connected network of member firms in 140
countries, Deloitte brings world-class capabilities
and deep local expertise to help clients succeed
wherever they operate. Deloitte’s 165,000
professionals are committed to becoming the
standard of excellence.
Deloitte’s professionals are unified by a
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professionals are dedicated to strengthening
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Tohmatsu, a Swiss Verein, and its network of
member firms, each of which is a legally separate
and independent entity. Please see www.deloitte.
com/cn/en/about for a detailed description of the
legal structure of Deloitte Touche Tohmatsu and
its member firms.
Deloitte China
Deloitte’s China practice provides services through
a number of legal entities and those entities are
members of Deloitte Touche Tohmatsu (Swiss
Verein).
We are one of the leading professional services
providers in the Chinese Mainland, Hong Kong
SAR and Macau SAR. We have over 8,000 people
in twelve offices including Beijing, Chongqing,
Dalian, Guangzhou, Hangzhou, Hong Kong,
Macau, Nanjing, Shanghai, Shenzhen, Suzhou and
Tianjin.
As early as 1917, we opened an office in
Shanghai. Backed by our global network, we
deliver a full range of audit, tax, consulting
and financial advisory services to national,
multinational and growth enterprise clients in
China.
We have considerable experience in China
and have been a significant contributor to the
development of China’s accounting standards,
taxation system and local professional
accountants. We also provide services to around
one-third of all companies listed on the Stock
Exchange of Hong Kong.
10
Contacts
For more information, please contact:
China
Alan MacCharles
Partner
M&A Transaction Services
Tel: +86 21 6141 1658
Email:
[email protected]
Eric Tang
Leader
Consumer Business &
Transportation
Tel: +86 755 3331 0991
Email:
[email protected]
Ellen Fang
Associate Director
Tel: +86 21 6141 1628
Email:
[email protected]
Tim Klatte
Director
Global Chinese Services Group
Tel: +86 21 6141 2760
Email:
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Thank you to:
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Ni Dan
Amy Cao
Lavi Tuo
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White Collars in the Global Slowdown What they want and how to reach them 11
Contact details for Deloitte's China Practice
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