Luxury Market in China
Although China’s slow economic growth, gifts and weakened currencies have eliminated the development day-dependent on the country’s luxury market, investors worldwide brands do not have the ground. He says China, the world’s largest market, is still possible to continue for a more weak demand.
Luxury landscape restoration in China, is a small and more advanced generation of buyers with a variety of flavors, desires and consumption habits. Educated, well-traveling and tech lovers, they are coming as a new target market.
One decade ago, when more Chinese were aware of only two types of wine (red and white) and started asking for luxury products, complaints expressed that buyers, rich or not, Shanghai Xiangyang market will eliminate fake items or silk street in Beijing. Others said that sugar would only select large brands.
They were wrong, exactly. Today, China’s buyers have to make precious demands on brands in every segment, calculating almost half of the global luxury market.
In the past, luxury goods were seen as a sign of wealth and status for Chinese consumers, “said Tina Zhoe, a doctor based on Shanghai based Fortune Character Institute.” Now she enjoys Buy luxury goods for. ”
Estimates of China’s luxury market estimate depends on which analysts have to consider luxury goods. Statistics of Fortune Character Institute in 2015 are China’s luxury costs at $ 16.8 billion, 9%, year-old in 2015.
The Benin and China 2015 China Luxury Bazaar studyed the Chinese luxury market price for $ 17.3 billion last year, with a decrease of 2%.
Even though luxury has been explained, there are some looking trends that point to luxury consumption in China. A change from the branded goods looking to focus on quality has sold many brands with strong recognition of the strong name, while strengthening other players.
“Our research shows that 39% rich sugar thinks that logo is no longer preferred,” said Dr Zoo. As a result Nikke is becoming a new driver of bespoke products, luxury consumption as well as high-end brands. ”
And this small change in small sellers who has absorbed childhood luxury marketing – and looking for something different from the LVMB bags and bridges of their parent’s generation – at least short brands For short brands have deep effects.
Andrew Keith, president of the high-end fashion retailer Lane Croverford, located in Hong Kong, said that “Chinese customer is becoming a lot more global.” “There is a real thirst for the novelty.”
Mr. Keith today described the common Leone Crovodore customer as a woman between 25 years and 35 years and showed interest in dresses. Women’s clothing is the fastest part of the company’s Mainland China business, which is sold 50%.
“Cage said,” Today our customers have more confidence, and they understand much about lifestyle. “” It’s not just about shopping, it’s about the experience. ”
Purchasing a large part of the experience during the trip. He said that long ago, Hong Kong was the preferred destination for luxury shopping, but today Tokyo and Europe are more important. Currency exchange rates play in it, as the trend of foreign travel.
Although the presence of its brick and mortar is limited to Beijing, Qinghai, Hong Kong and Shanghai, Lane Crovour has gained access to new Chinese luxury buyers, with a moral perspective, store and on-line Line experiments are integrated. He said that customers who shop in both stores and online spend five times more and they often buy five times as a laneover for customers.
“We’ve always contacted online as part of the store experience -” The sweet spot for us is how we use all our experiences to enhance loyalty. ” “We can enter the second market quite effectively and in the third-class cities where our physical presence is not.”
He added Chinese customers with 40% to 50% transactions outside China, including Centralland, Hong Kong and Macao, adding that the rise of new world-China buyers also There is a bonus for Corvorford’s online business.