Both Starbucks and Luckin’s market strategies have taken China by storm. It can perhaps be most aptly said that Starbucks preferred to focus on cultural values while Luckin capitalized on societal trends. Regardless, both chains have defined their niche within the Chinese consumer lifestyle and are evidence that, so long as Chinese market strategies are culturally aware and data-driven, there is more than one road to success in the Chinese market.
Author: Daniel Wethli
Chinese companies are increasingly looking towards foreign markets to unlock new growth opportunities abroad while diversifying away political risk at home. Haidilao and Tencent are two prominent examples of companies that have successfully entered foreign markets. While the two giants have vastly different approaches to expansion, together they have formed the golden standard by which other emerging companies seek to grow their global footprint.
As the early epicenter of the pandemic, 2020 brought Wuhan countless challenges. One year later, the city is cautiously optimistic about its recovery. Despite COVID’s lingering impression on local consumer habits—particularly in the service industry—Wuhan’s slow but steady re-emergence as the tremendous industrial hub it once was serves as an excellent model for cities across the globe.