China'S Luxury Consumption Is Still In Its Infancy.

Chinese

When will China become the world's largest luxury consumer market?

When will China become the world's largest luxury consumer market? 2012 or 2015? Chinese consumers have strong confidence to boost their purchasing power.

If the luxury consumption is divided into five stages, Subjugation Start of money (Show off) is suitable for (Fit in) to become a lifestyle (Way of life), the Chinese market is still in the initial stage of luxury consumption, mainly spending money and showing off; while luxury consumption has already been very mature in Hongkong and Japan, luxury consumption has gradually become a way of life, consumers will rationally choose to buy their own products.

Compared with luxury consumption in the mainland market, consumers in Hongkong are more mature and sophisticated. Luxury consumers in mainland China do not recognize brand assets, but value brand leadership. They are Logo fans who pursue the feeling that they can recognize at first sight, and they have less brand loyalty.

The trademark of packaging bags has become the only most important factor in promoting luxury brands in Asia.

What about those luxury brands without brand names in mainland China? For example, BottegaVenetta

Purchasing power is mainly social factors: self satisfaction, social status and authority, self control and integration or differentiation from one group.

Chinese luxury consumers do not pursue pleasure, but purchase luxury goods for social reasons.

In Russia, Brazil, Mexico and Argentina, pursuit of pleasure is the main reason for consuming luxury goods.

At least two categories of luxury consumers

True-blue luxury consumers (luxury loyal users): westernization, super wealth, age and higher social status.

Aspirational luxury consumers (luxury admirers): traditional, wealthy, young and low social status.

Luxury consumption experience often develops from Aspirational Luxury Consumers to True-blue Luxury Consumers.. In this process, consumers' knowledge and maturity are constantly improving.

Different meanings of luxury goods

The meaning of luxury is different for different cities.

Mature cities expect luxury to mean beauty and fashion, thus emphasizing function.

A developing city thinks: "when I work with #5, my boss will be able to recognize it, so that he can know me. I am a class with my boss, and I am also very successful."

By the way, I should be promoted "or" why do we all use LV or Omega? Because we all know these brands, otherwise it is a waste of money. "

Luxury has different meanings for different stages of life: 20 to 29 years old people value the origin of the brand and the reputation of the brand. 30-40 year old people value the craft and the scarcity of art and brand.

The two groups of consumers attach great importance to quality.

But the purchase motivation of consumers is rapidly developing and changing, and the market has been divided into different sub markets.

The confidence that consumers expect from luxury brands includes self satisfaction, pleasure enjoyment, integration or differentiation with different groups, self-control, uniqueness, stimulation, identity and social status symbol.

How to find opportunities for luxury goods

Where are opportunities? Spending more money or looking for differentiation? Differentiation strategies include brand history, brand origin countries (representing category and emotional gains), sensual products and buying experience.

Every luxury brand has its own brand story. The current luxury advertising has begun to pay attention to brand value, so as to educate new brand users.

Consumers' impression of the brand will be influenced by the impression of the traditional superior products of the country of origin. For example, consumers will trust French perfume, cosmetics, wine and other brands.

The emotional ties between consumers and luxury brands are different in different countries.

Switzerland: this watch is mine, and I deserve it.

France: if I dress like others, it's too embarrassing.

Hongkong: thanks to this brand, showing individuality makes me different from China.

Italy: when I wear this brand of clothes, I think I am more feminine.

China: I want to buy that bag! My friends have it!

In China's luxury market, the younger generation is challenging western brands.

Is it seeking western brands or pursuing China's pride? The ambivalence of the younger generation is likely to promote the development of China's own luxury brands.

The Internet provides a new and better communication channel for luxury brands with consumers.

But the Internet is still lacking in helping the brand to establish a comprehensive brand awareness. This part of information needs consumers to provide themselves.