Chinese Luxury Consumers
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Transcript of Chinese Luxury Consumers
Data collected from China Luxury Market Study 2015, Economist Intelligence Unit global report by CitiBank, Grant Thornton International Business Report 2014
MARKET OVERVIEW
China - world’s largest luxury market
USD 106 billionspent on luxury in 2014
(46% of global consumption)
38%24%20%16%
ChinaItaly
USA & UKGermany
77 millionmoderately rich*
(6% of total population)
*household savings 300,000 USD
46%
CONSUMER PROFILE
well-informed through social media
value design & quality of the product
would like to see more cultural elements at exclusive events
Chinese Luxury Consumers:Young Generation (20 - 35)
in pursuit of a luxury experience more than owning a luxury product
believe that luxury goods should match their personality
love travelling & spend more time on sightseeing than shopping abroad
THREATS
Anti-corruption measureshit luxury sales by 20% in 2014
Simplified visa application procedures in favour of Chinese travelling abroad
(e.g. Japan, Korea, EU)
Fast growing e-commerce in China promotes online luxury sales
Fast paced information exchange on Online Social Media
(e.g. Weibo, WeChat, Forums & Blogs)
Limited entry for Chinese visitors to HK & anti-China protests generate negative publicity
Decrease in import taxes boosts domestic luxury consumption in mainland
Luxury outlets and overseas buying agents of luxury goods become more popular
Difficulty of establishing relationshipwith Chinese consumers
eventpre-eventpromotion
post-eventpromotion
Event is still the most powerful tool to create buzz, attract new customersas well as cement relationships with existing customers. It is now important to
couple the event with effective social media promotion.
KEY FACTORS: #Educational #Inspiring #Shareable
TIME TO GO DIGITAL
OUR SERVICES
Social MediaMarketing
(Weibo, Wechat, Baidu, etc.)
ContentGeneration
CreativeCampaigns
DigitalPromotion
Cross-Branding
MediaRelations
EventManagement
(+852) 3563 [email protected]