Men Turn To Become The Main Force Of Luxury Consumption

The authority of the luxury brand is known as "brand equity".

People are willing to pay a high price for an ink pen or a handbag, not because the product is superior to the intrinsic quality of the competitors, but the brand label and brand equity, which is the value of the product to consumers.

In Europe, most luxury goods still insist on manual production, and the industry's sound pricing power can still be guaranteed.

For a long time men like to buy high-grade cars and famous watches, and in recent years they have gradually become an important consumer group of other luxury goods.

Demographic changes have contributed to this trend.

Now that the working population of women is greater than ever before, one of the consequences of more women's employment is the delayed marriage age.

For many couples working on both sides, giving birth is only one option of life rather than necessity.

This is good news for men's disposable income, which is good news for luxury goods manufacturers.

Shopping is dominated by men.

It is understood that the Wall Street Journal reporter Christina Passariello published a report at the end of May that Gucci Bottega and Bottega Veneta are studying the establishment of men's stores in China.

Francois Pinault, the boss of PPRSA, a French clothing group with the two brands, said the reason: in China, the decision-making power of shopping for women is still in the hands of men, "said Francois-Henri Pinault, owner of Paris.

This is not surprising for emerging markets.

Pasa Lillo wrote in the article, "in emerging markets, men are usually the first consumers of luxury brands, buying labels and accessories for brands as status symbols before they start spending money on women."

He cited Japan as an example: in 1980s, Japan began a luxury consumption boom. After many years, the younger generation of working women outlived men in luxury consumption.

Coach, a leather goods retailer, said that 45% of the luxury handbags and accessories were purchased by men in mainland China, compared with just 15% worldwide.

In China, a man's bag is a symbol of social status.

Chinese men also like to buy watches, which are second only to cosmetics and perfume in luxury consumption.

According to a study by Hurun Report, China's millionaires have four watches per capita.

)

According to statistics from McKinsey Co (McKinsey), Chinese women have caught up with men in luxury consumption, accounting for over 50% of China's luxury goods market valued at $15 billion in 2010, up from 45% in 2008, but still lagging behind some key categories, including high-end clothing.

In 2010, Chinese male consumers spent about 7000000000 yuan (1 billion 100 million dollars) on high-end garments, while female consumers spent less than 2 billion 800 million yuan in 2010, according to consultants of Bain&Company.

In traditional concepts, the purchasing power of women in general is generally greater than that of men.

In fact, it really involves the ranks of luxury goods, and women will be much weaker than men.

Women's purchase is characterized by large purchases, but generally they are mostly dressed up for image.

Today's society is colorful. It has long been considered that women are the main force of luxury consumption, and their consumption potential and consumption intensity are not more than that of men.

This new viewpoint will lead to heated discussions. It will also affect the management concept of today's dealers. In the future, it may become a new field for future manufacturers to develop.