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Foreign Luxury Marketing Strategy

2008/8/14 18:01:00 20

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Please input... As the third largest luxury market in the world, China's luxury market volume has exceeded $2 billion, and is growing at an average annual rate of about 20%.

In the face of such attractive market prospects, the mainstream international luxury brands are rushing in and can not wait to start their conquest in the emerging market.

At present, foreign luxury brands occupy the overwhelming majority of the market share. Through their high brand image, we follow the luxury marketing framework to find out the secret of their success.

Luxury Spirit -- value orientation

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Systematic research on target consumers

The consumption group of luxury goods has obvious differences between the East and the West. In Europe and America, the main consumer of luxury goods is the middle class aged 40 to 60, while in the east the group is more than 10 years younger and the younger generation is 30 years old.

In China, the average monthly income is between 5000 and 50 thousand yuan, and the 25-40 year old highly educated and high-income group is the main force of luxury consumption in China.

The average level of luxury consumption in the world is about 4% of personal wealth, while some Chinese consumers, especially young people, pursue luxury goods in 40% or even larger proportion.

With the increase of income, the psychology of luxury consumption is more and more intense.

In 2005, the survey of Chinese watch consumption found that individuals with annual income of more than 250 thousand yuan before taxes, the top three brands of consumer watches were Rolex, OMEGA and Tudor watches. Among them, there were many individuals who consumed the top Vacheron Constantin and Earl of the world's top brands, while the group with the annual income of 12~25 yuan, the top three brands of consumer watches were CASIO, SWATCH and Longines watches. It was not hard to see that the higher income class had a stronger preference for luxury watch brands, while lower income watches became the main stream choice.

In the process of luxury consumption, there is a trend of "consumption upgrading".

Neckties, leather shoes, leather bags and other accessories and cosmetics are "entry-level" luxury goods. The relative prices of such goods are high but the absolute price is low. The first luxury item bought by many main consumers is the above category.

With age, income growth and maturity of luxury consumption psychology, consumption orientation will gradually shift to intermediate luxury items such as clothing, watches and jewellery. Intermediate luxury goods are the main force in the luxury market, and their consumption groups are also the main force of luxury consumption.

Most people's consumption is stopped. For millions of billionaires, their consumption will continue to upgrade, luxury cars and luxury homes will become their next target.

Understanding the luxury consumer psychology and behavior can bring huge rewards. Luxury goods once discovered luxury consumption fever in Japanese women in the last century, and then developed Japan into the world's largest luxury market, accounting for 47% of the global market share.

Now, they find the same craze among young people in China, and China has become the next gold mine of luxury goods.

Defining the connotation of value and molding the classic brand spirit

To sell several times or even tens of times the price of a similar commodity, the value of luxury goods is not only the product itself, but also the value connotation and brand spirit it represents.

Every luxury item has its own unique style, but from the overall perspective of luxury goods, we can find some common brand spirit.

"Love yourself": commonly used in cosmetics and clothing luxury brands.

This brand spirit can help consumers eliminate the stress of life and be seen as a reward for consumers' success or a comfort when they are frustrated.

"Vitoria's Secret" underwear is a good example. Although the price is several times higher than that of the same brand, it is the best gift that ordinary women in the city love and give themselves.

"Continuous innovation": commonly used in clothing, consumer electronics brand.

So that consumers can try a new experience, learn more culture and ideas, expand their horizons.

Apple brand is a representative of the sub type. Since the apple brand was founded, it has created an unparalleled user experience with its excellent design and innovative software platform, thus triggering global fanaticism.

"Personal style": helping consumers express their personal style, showing their personal interests, causing others to worship and envied.

From "hippie" style to "yuppie" style, Harley motor is always distinctive and unique. At the same time, Halley also provides training, customization, refitting cars for cars, and how to maintain their cars in Halley Davidson stores and try out the personalized service of selecting suitable equipment through halal helmet, gloves and leather jacket to carry out the personality.

"Creating classics": helping consumers to understand their tastes and styles and become standards and models in the industry.

Ferrari's red, Burberry's lattice, Absolut Vodka's bottle and so on.