Access Asia
Octobert 2003
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Table of Contents
Extract
Since Deng Xiaoping opened-up China's economy to the outside world in the 1980s, there has been a massive growth in its consumer market, and the demand for consumer electronic goods (CEGs) has benefited from the new wealth generated in this new economic climate. Economic expansion has brought with it a rapid increase in average worker incomes in China, leading to improved standards of living and stronger consumer purchasing power.
The market has now reached a stage where households ownership of some form of modern home audio system sets is near universal, the vast majority of which are radios. The market has therefore reached a high level of maturity already, making it increasingly competitive.
The CEG market is, by Chinese standards, very mature, and has reached at point at which point the emphasis of those involved in the market has shifted from trying to reach every home in China with a first sale, to improving purchasing levels per household and selling to consumers wishing to upgrade their Hi-Fi, portable audio player or in-car stereo.
This does not mean that the market is at all stagnant. One of the key features of the CEG market at present is that it is highly competitive. This has meant that competing companies have to work harder to find the niche sector sales of new products, and win over an increasingly well-informed consumer constituency that is looking to buy better quality, more advanced and better priced goods. This has meant that price-cutting has become a key feature of the market over recent years, forcing manufacturers to be even cleverer in their product design, distribution, marketing and cost of sale.
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