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Mintel Launches China Series
Consumer and media intelligence firm Mintel has launched China Innovation Spotlight, a series of reports focusing on the latest trends and topical issues in new product development in the region.
The firm says many new reports and services focusing on Chinese markets will follow.
Mintel has been working in the country for the last five years, through its local team in Shanghai and network of field researchers in more than 19 cities across China. As a result, in 2007, more than 14,000 new foods, drinks, beauty and cleaning products from China were added to the firm's Global New Products Database (GNPD), which monitors worldwide product innovation in consumer packaged goods markets.
Commented CEO Peter Haigh: 'We have invested in a local team based full time in China, which means we can keep a close eye on new emerging developments as well as those trends that are making it big over there.'
Haigh says that companies need to understand the complexities of the Chinese market, and adds that the GNPD team has recently identified five key trends to watch out for:- Going up market - by 2010 it is projected that China will have 170.3 million middle class citizens
- Rising patriotism - with a key focal point being the 2008 Beijing Olympics
- Traditions die hard - many consumers believe that traditional Chinese medicine (TCM) is still the best option
- Cosmetics: A Chinese way of life - products tailored to the beauty needs of Chinese women
- Beauty Foods - which help improve the way consumers look on the outside and how they feel on the inside.
The company, which has offices in Chicago, London, Belfast, Sydney, Tokyo as well as Shanghai, is online at www.mintel.com .
In April, Mintel acquiredSnapshots International, a publisher of global market reports.
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