Business
Asia's Consumers Snubbing Global Brands for These Products
- Multinationals lose ground to Javaprima coffee, Pechoin creams
- Homegrown brands considered more affordable, more tailored
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Nestle SA is losing buzz to an Indonesian coffee brand famous for brewing civet-cat feces, and L’Oreal SA is losing face to a Chinese skincare brand favored by President Xi Jinping’s wife.
Asia traditionally was considered easy money for Western multinationals, with beverage makers, cigarette brands and fast-food giants capitalizing on rising incomes and weak local competitors. A survey by China Market Research Group in 2011 showed 85 percent of Chinese consumers preferring foreign brands.