The Rising Chinese Consumers Your Business Should be Targeting

According to the worldwide retail and eCommerce forecast released by research company eMarketer, China is set to overtake the US to become the world’s largest consumer of goods by the end of the year, with a total retail sales of US$5,074 trillion. That is US$100 billion more than expected for the US market. And one huge portion of the Chinese market will be made up of millennials, standing at roughly 400 million people as of June 2018.

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Trends in China’s EdTech landscape beyond 2019

China’s EdTech industry is in an exciting expansion phase. 2018 saw intensive investment activity, where Chinese EdTech companies snapped up 44.1% of the global total of US$ 16.34 billion in EdTech investments. Out of the 12 companies that raised over US$ 200 million, 11 are based in China.

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Innovation fuels the future education market in China

By 2020, China’s total education market, both offline and online, is expected to reach US$ 500 billion. With a CAGR of 10.8%, it will grow to almost US$ 750 billion by 2025, according to Deloitte. In particular, the future of online education is looking bright, with a UBS report predicting that the e-learning market will grow from US$ 29 billion in 2017 to over US$ 104 billion by 2025.

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Investing in the future of digitised education

China’s education market is large and rapidly growing. It’s total education and e-learning markets are expected to reach almost US$ 750 billion according to Deloitte and US$ 104 billion according to UBS by 2025 respectively. Well-off Chinese parents in tier-1 cities are currently forking out between US$ 400,000 to US$ 600,000 for the entire education journey of one child, and this amounts to more than double the spending of similar households in other emerging countries.

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Design Considerations in China

Designing is a complex and abstract process. It involves identifying the requirements, researching, generating and expanding on ideas, producing the design, testing, analysing and then potentially redesigning it. When entering a new market, design is inevitably THE aspect of your business which presents and defines your product or service to consumers. However, cultures, attitudes and consumers differ globally, and while an offering may receive a roaring response in one market, that is no guarantee that it will be successful in another market.

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Continuity and Adoption For Business - China’s Got It

Regional Expansion. Up Close and Personal. An interview with MING Labs

As part of our cross-border interview sessions, we’ve gathered personal insights from technology and digital investors, business owners and practitioners in Asia, across disciplines, to better understand some of the sweet spots as well as challenges in markets they have established themselves in.

Starting with China, we speak to Sebastian Mueller, partner and head of operations at global user experience and digital innovation company MING Labs.

 

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