Table of Contents
Executive Summary
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- The consumer
- 40% are Adventurers
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- Figure 1: Consumer segmentation based on attitudes towards emerging tech, November 2018
- Terms interpreting its applications directly gain more attention from consumers
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- Figure 2: Level of knowledge about emerging tech, November 2018
- Learning emerging tech terms from the news
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- Figure 3: Channels of information for emerging tech terms, November 2018
- Complete function and effort saving are the two main features of popular products
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- Figure 4: Ownership of emerging tech products, November 2018
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- Figure 5: Interest towards emerging tech products among non-owners, November 2018
- Meet consumers’ functional and emotional needs
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- Figure 6: Motivations for buying emerging tech products, November 2018
- Help consumers value the price by offering buying decision assistance and mature functions
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- Figure 7: Barriers preventing consumers buying emerging tech products, November 2018
- What we think
Issues and Insights
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- Provide convenience for “lazy” consumers
- The facts
- The implications
- Make consumers feel special
- The facts
- The implications
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- Figure 8: Poster of Beats special edition for 2019 Chinese New Year, February 2019
- Use emerging tech to assist decision making
- The facts
- The implications
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- Figure 9: Haier’s smart home showroom in Hangzhou, July 2018
The Consumer – What You Need to Know
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- Consumers learn technology terms from applications first
- Online information channels can cover almost all consumers
- Strong purchasing power for tech products beyond tier one cities
- Emerging tech needs to be both practical and trendy
- Need to prove the value of technology
Consumer Segmentation
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- Four types of consumers
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- Figure 10: Consumer segmentation based on attitudes towards emerging tech, November 2018
- Who are they?
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- Figure 11: Attitudes towards being trend-leading vs fitting in, % of any agree (strongly agree and agree), by consumer segmentation, November 2018
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- Figure 12: Attitudes towards being geeky vs practical, % of any agree (strongly agree and agree), by consumer segmentation, November 2018
- Expand emerging tech to lower tier cities at an early stage
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- Figure 13: Consumer segmentation, by city tier, November 2018
- Income is key indicator of adventurers
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- Figure 14: Consumer segmentation, by income level, November 2018
Knowledge of Emerging Tech
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- Most Chinese consumers are familiar with emerging tech terms
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- Figure 15: Level of knowledge about emerging tech, November 2018
- Applications that provide convenience attract more consumers’ attention
- Consumers might not aware that they are already using the technology
- Bitcoin ban is a possible barrier to consumers understanding more about blockchain
- Income is the key differentiator
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- Figure 16: Understanding emerging tech, by income level, November 2018
- Lower level of knowledge does not necessarily lead to lower ownership of wearable devices
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- Figure 17: Understanding of wearable devices, by city tier, November 2018
- Consumers in tier one cities are a step ahead in AI
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- Figure 18: Understanding of selected emerging tech, by city tier, November 2018
- Niche Adventurers are more interested in the underlying technology
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- Figure 19: Understanding of emerging tech terms, by consumer segmentation, November 2018
Channels of Information for Emerging Tech Terms
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- More consumers get information from online channels
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- Figure 20: Attitudes towards “I often follow the latest trends about technology”, November 2018
- Figure 21: Channels of information for emerging tech terms, November 2018
- Familiarity with the terms first gained through news
- E-commerce platforms are not as an important information source for terms as actual products
- Female consumers pay more attention to social channels and in-store experience
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- Figure 22: Selected channels of information, by gender, November 2018
- Niche Adventurers most active in learning about new terms, while Followers tend to rely on family/friends
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- Figure 23: Channels of information, by consumer segmentation, November 2018
- Niche Adventurers are more loyal to their information sources
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- Figure 24: Use of more than three types of information sources, by consumer segmentation, November 2018
Ownership of Emerging Tech Products
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- Consumers are more willing to buy products with mature functions
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- Figure 25: Ownership of emerging tech products, November 2018
- Products at early stage of development are less attractive
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- Figure 26: Attitudes towards “I’m willing to buy new tech products at their early stage of development”, November 2018
- Building a convenient and effortless life is the future consumer trend
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- Figure 27: Interest towards emerging tech products among non-owners, November 2018
- The intention to own emerging tech products is universal across city tiers
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- Figure 28: Ownership of emerging tech products, by city tier, November 2018
- Niche Adventurers as ambassadors for new products at an early stage
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- Figure 29: Ownership of emerging tech products, by consumer segmentation, November 2018
- Motivate Followers to buy smart home devices through trials
Motivations for Buying Emerging Tech Products
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- Consumers expect emerging tech to be life assistants
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- Figure 30: Motivations for buying emerging tech products, November 2018
- Meeting consumers’ emotional needs for a trendy and unique persona
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- Figure 31: Attitudes towards exploring and using new technology products, November 2018
- Conformity has strong influence but should be avoid during marketing
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- Figure 32: Attitudes towards to be the first one to buy emerging tech products among surrounding people or the followers, November 2018
- Parents are more curious towards emerging tech products
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- Figure 33: Motivations for buying emerging tech products, by family status, November 2018
- Are Niche Adventurers more likely to be affected by surrounding people?
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- Figure 34: Selected motivations for buying emerging tech products, by consumer segmentation, November 2018
- Followers care the most about functionality
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- Figure 35: Selected motivations for buying emerging tech products, by consumer segmentation, November 2018
- Functionality is the key stimulator for Pragmatists
- Catch consumers’ attention with effort-saving and new products
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- Figure 36: TURF analysis of motivations for buying emerging tech products, November 2018
Barriers for Buying Emerging Tech Products
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- Top barriers are price and incomplete functions
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- Figure 37: Barriers preventing consumers buying emerging tech products, November 2018
- Persuade consumers to value the price
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- Figure 38: Attitudes towards “I would like to pay more for new technology products”, November 2018
- Avoid simply being gadgets
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- Figure 39: Attitudes towards chasing new technology updates and latest technology terms, November 2018
- One third of consumers need more clear-cut help when buying
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- Figure 40: Selected barriers preventing consumers buying emerging tech products, by gender, November 2018
- Are male consumers more price sensitive because of stricter demands?
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- Figure 41: Selected barriers preventing consumers buying emerging tech products, by gender, November 2018
- Price less of a concern for high income consumers
- Similar need across income levels for help when purchasing products but emphasis is different
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- Figure 42: Barriers preventing consumers buying emerging tech products, by personal income level, November 2018
- Niche Adventurers seek easy-to-use products
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- Figure 43: Barriers preventing consumers buying emerging tech products, by consumer segmentation, November 2018
- Niche Adventures and Mainstream Adventures are less price sensitive
- Incomplete function as important as price for Mainstream Adventurers
- Pragmatists are clear about what they want
- Help consumers to choose
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- Figure 44: TURF analysis of barriers preventing buying emerging tech products, November 2018
- Figure 45: Attitudes towards “I only buy a new technology product after a product trial”, November 2018
- Dilemma of being the first or being the best
Impulsive vs Practical Technology Buyers
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- Consumers aged 30-39 are the most impulsive group
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- Figure 46: Attitudes towards of being geeky vs practical, % of any agree (strongly agree and agree), by age, November 2018
- Slower upgrading speed among low-personal-income consumers
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- Figure 47: Attitudes towards of being geeky vs practical, % of any agree (strongly agree and agree), by personal income level, November 2018
Meet The Mintropolitans
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- Marketing products and brand events to MinTs through online KOLs
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- Figure 48: Channels of information for emerging tech terms, by consumer classification, November 2018
- To attract MinTs, brands should emphasise “trendy”
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- Figure 49: Motivations for buying emerging tech products, by consumer classification, November 2018
- MinTs have stronger desire for health monitoring
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- Figure 50: Ownership of emerging tech products, by consumer classification, November 2018
Appendix – Methodology and Abbreviations
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- Methodology
- Abbreviations
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