A Thematic Study Of China'S Luxury Market

< < p > > strong > three themes: taste change, focus on women, travel shopping < /strong > /p > strong

< p > 1, the luxury market in mainland China increased by only 2% in 2013 compared with that in 2012 (+7% slowed down in 2012), and will remain at this low growth level in 2014.

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< p > 2, mainland China consumers have become the world's largest luxury consumers, buying 29% of the world's luxury goods (4 percentage points more than in 2012), and 2/3 of them are overseas.

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< p > 3, with the growing maturity of Chinese consumers, the focus of luxury consumption is shifting to women's products and fashion.

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< p > these changes have prompted luxury brands to adjust their development strategies in mainland China from product pricing, customer relationship, fashion connotation, and local talent management.

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< p > < strong > two, and the reason why the luxury market is changing from prosperity to decline is less than /strong > /p >

< p > the reason why the luxury market in China is changing from prosperity to decline is very complicated. But the most important thing is that the government's anti-corruption campaign has combated the culture of gift giving, especially for the category of high-class watches and senior men's wear, which are mainly driven by officialdom.

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< p > 1, < a href= "http://www.91se91.com/news/index_c.asp" > Advanced watches < /a > accounted for 1/5 of the mainland's luxury goods market, and sales in 2013 dropped by 11% over the same period last year.

Senior men's wear has also declined slightly in the past few years.

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< p > 2, cosmetics, perfume and personal care products account for 1/4 of the luxury market in mainland China. The year-on-year growth rate slowed from +15% in 2012 to around +10% in 2013.

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< p > but there are many bright spots in luxury sales in mainland China: < /p >

< p > women's wear and footwear are strong, with a growth rate of about 8 to 10% in 2013.

Women's influence and consumption become more mature, prompting men and women to share the luxury market in mainland China in 2013. In 1995, male luxury consumption accounted for 90%.

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< p > China's luxury market has bid farewell to the era of "attacking cities and lands", paying more attention to improving customer experience and increasing sales growth in the same store.

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< p > < strong > three, < a href= > http://www.91se91.com/news/index_c.asp > > four changes of luxury market < /a > /strong > /p >

< p > strong > 1, store expansion is not enough to drive growth. < /strong > /p >

In 2013, the number of new international brand stores fell by 1/3 compared with last year (the 20 brands covered by the bain report this year opened up about 100 new stores, while the number of new stores in 2012 was around 150).

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< p > 2013, many brand stores' same store sales declined year-on-year.

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< p > the major brands will focus on renovation of old stores, re location and improvement of local operations.

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< p > < strong > 2, Chinese consumers are more subdivided < /strong > < /p >

The customers in the first tier cities are getting more and more mature, emphasizing individuality, high and low mix and match, not just buying P brand bags.

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The consumption of luxury goods in the two or three line cities is still at an early stage in P.

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< p > brand must be aware of the difference, treat differently < < /p >.

< p > strong > 3, < a href= "http://www.91se91.com/news/index_c.asp" > marketing channel < /a > rapid change < /strong > /p >

Customers with less than P > 73% use the Internet (brand website, news website, micro-blog, mobile apps, etc.) to get information about luxury goods and help make decisions.

Bain especially emphasized "Chinese shoppers are extremely well informed" (China consumer information is very well-informed).

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Consumers with less than P > 60% bought at least one luxury item online (such as Taobao purchase and luxury professional website), and half of those who have not tried online shopping luxury have this intention.

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< p > < strong > 4, market differentiation two > /strong > /p >

< p > take luxury handbags as an example. 25% of the purchase is concentrated in RMB 5000 yuan and 33% of the purchase is concentrated on products with a unit price of more than 20 thousand yuan.

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