McKinsey: Chinese consumers prefer local brands

Chinese consumers trust domestic brands more than foreign ones, according to a new survey released by consultancy McKinsey. Despite a spate of product safety scandals in the US and Europe over China-made goods, the survey found that Chinese people are increasingly confident about items made in their country, the Financial Times reported. Andrew Grant, head of McKinsey's China practice, said this could mean that the traditional multinational ploy of playing up the foreign nature of their products won't be as effective. According to the survey results, 53% of the 6,000 residents interviewed said they preferred Chinese brands, up from 46% when the survey was last conducted in 2005. Only 11% said they had a "strong" or "moderate" preference for foreign brands and nearly half of respondents said they would shift to a local brand if it offered a similar level of quality or price.