Chinese luxury brand consumers — a generational, gender and city-tier analysis
As the impact of the epidemic stabilises in China, the domestic market is seeing a strong rebound in high-end consumption. Active in the second largest luxury market around the world, Chinese consumers are featured with strong capacity and high frequency of luxury consumption. China accounts for more than 33% of global luxury consumption – which is expected to rise to 40% by 2025. How to meet the expectations of this large and potentially diverse range of consumers is a key concern for forward-thinking market practitioners.
Although the majority of Chinese consumers have only been exposed to luxury goods for 40 years, China has grown to be the world’s second-largest luxury market – and as its economy continues to strengthen, so does its consumption capability. Luxury brands have already fostered a large number of consumers in China. With our years of business experience and analysis of China’s luxury industry, we find each generation of luxury consumers have their own consumption preference. Through our research, we have set out to clarify the reason why their consumption behaviours are so diverse and uncover the connections between the growth background of Chinese buyers and their consumption concept.
This survey was designed to investigate Chinese luxury consumers of generations, hoping to gain insight into the connection between their luxury consumption behaviours and their ages, values, lifestyles and social backgrounds, and share our key findings, insights and suggestions with luxury brands.
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Luxury sector: refreshing products and prices
Luxury fashion brands have made the headlines in recent weeks as they pivot to manufacture face masks and hand sanitizer in the fight against Covid-19, but what is going on behind their closed doors – and how is the pandemic affecting the sector at large?