Procter & Gamble (P&G) is attempting to see off years of poor sales in China by shifting its focus to premium and technologically-advanced products.
Speaking to South China Morning Post, Michael Yates, P&G General Manager Hong Kong & Taiwan, revealed the company had overlooked China as simply a developing country, and is looking to innovation to make up for its mistakes.
He stated, “Most of the products that we bring in now are premium or super premium.
“We plan to bring in the right tech that is useful and understandable – the tech that makes meaningful differences.”
Looking to China’s millennial consumers, the company is thought to want to move past previous issues of losing out to the likes of Japanese competitors and will continue to launch items such as the Oral B ultra-premium app-connected toothbrush – a bluetooth model priced at HK$1,100.
The move comes at the right time, with the rise and rise of premiumisation in China looking to continue thanks to the accessibility of products from outlets such as Tmall and JD.com, consumers. Indeed, a recent McKinsey survey of 10,000 Chinese shoppers highlighted that over half are seeking ‘the best and most expensive product.’