When consumption develops, there are three phases: The first is focused on quantity, providing enough to meet demand, the second on securing product quality, and only during the third will people start developing tastes. On the internet in China, we’re still very much in the second phase.”
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Wang Xing, founder of Xiaonei (aka RenRen) and group-buying site Meituan, on China’s digital consumption. He believes that Chinese consumers are not yet mature enough in terms of income and tastes to need revolutionary new internet products.
