Individuals sustain confidence in realizing the Chinese Dream
In November 2012, Xi Jinping described a vision of a nation, strong at home and internationally respected, whose citizens enjoy the benefits of greater prosperity. He called this vision the Chinese Dream.
Over the past four years, the Chinese Dream has become more deeply embedded in national life, not simply as a useful government slogan, but also as an idea embraced by the Chinese people as the expression of their hopes and expectations. This conclusion comes from BrandZTM research into the attitudes and behaviors of the Chinese consumers who invest in the stock market.
The research, conducted after the two deep stock market declines in 2015, found that these individuals remain optimistic about the stock market, the economy, and the possibility of realizing the Chinese Dream. The research follows an earlier BrandZTM examination of the Chinese Dream called, The Power and Potential of the Chinese Dream.
Consumers are likely to favor brands that help advance the Chinese Dream by offering quality products and services that improve lives. These offerings not only help realize the Chinese Dream, they elevate the view of China as a producer and marketer. This burnished image of Brand China facilitates overseas business growth.
The new research report, Unmasking the Individual Chinese Investor, finds that the top three aspirations of Chinese have not changed much since the earlier research, in 2014. They are: a good life for my family; live in a powerful country; and be healthy. The desire for a good life increased in importance. Almost two-thirds of Chinese investors called it the single most important aspect of the Chinese Dream, compared with 54 percent of respondents in 2014.
And the Dream resonates, especially among young people, according to the recent report. (For more details, please visit Brandz.com.) Compared with 2014, people are more likely to say that the Chinese Dream, as articulated by the government, represents their own opinions. In 2014, two-thirds of respondents said they believed that the Chinese Dream strengthens social cohesion. Now, three-quarters of respondents agree with that statement.
Similarly, in 2014, 65 percent said that the Chinese Dream is the dream of the Chinese people. Now three-quarters agreed with that statement. (Note: The respondent groups difer.) Almost two-thirds are confident that they will achieve the Chinese Dream during the next decade. Less than a third are only somewhat confident about achieving the Chinese Dream. And only 5 percent completely lack confidence in realizing the Chinese Dream.
Implications for BrandsFundamentals of the Chinese Dream have not changed over the past four years. People want to become wealthier and able to aford more creature comforts. But attitudes toward aspects of the Dream seem to be impacted by events and personal experience.
While the components of the Chinese Dream remain consistent, their relative importance is somewhat fluid. The importance of home ownership has declined somewhat, for example, possibly because more people now own homes and those that do not may be waiting for a better time to buy.
Consumers are likely to view more favorably brands that align with the Chinese Dream, at least implicitly.
These brands demonstrate that their mission is not only about making a profit. Rather, in making a profit, these brands create the products and services that enable Chinese individuals and families to improve their lives, and China to develop as a stronger, more prosperous and equitable nation.