Development Of China'S Luxury Market

< p > > Bain company has released the Chinese a href= "http://www.91se91.com/news/index_s.asp > luxury goods < /a > Market Research for sixth years in a row. The study points out that the growth rate of the luxury market in mainland China has slowed down further in 2013, and this slow growth trend is expected to continue.

At present, Chinese luxury consumers spend about 2/3 of their total overseas consumption.

By contrast, the number of domestic stores is decreasing, and the speed of new store opening is slowing down.

The Chinese are still the world's largest luxury consumer groups, contributing 29% of the total global luxury goods expenditure, representing an increase of four percentage points over the previous year.

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At the same time, with the growing maturity of Chinese luxury consumers, women's consumer oriented products and fashion series show strong growth momentum. P

These changes have set brand new priorities for the brand. Brand needs to reexamine its operation strategy in China from various aspects such as pricing strategy, customer relationship, fashion product setting and China's local talent management.

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< p > Bain report points out several factors leading to China's luxury market from extreme prosperity to slower growth.

Gift giving has always been an important part of luxury consumption.

The government's efforts to combat corruption and build a clean government have had a considerable impact. The growth of watches and men's consumers is especially limited.

Watches accounted for more than 1/5 of the total domestic luxury consumption, and its sales decreased by 11% in 2013.

In the past few years, the growth of men's clothing category has seen a slight decline this year.

Despite the mediocre performance of China's luxury goods market this year, Bain still finds a bright spot: Fashion led by women's consumers and < a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > show strong growth momentum, the growth rate is 8% to 10%.

The growing maturity of Chinese female consumers and their growing influence are the main drivers.

This also makes the consumption expenditure of female consumers in China's luxury market flat for the first time with male consumers.

This is a great leap forward compared to the market trend that contributed more than 90% of male consumption in 1995.

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< p > "China's luxury market has rapidly developed from" enclosure "stage to continuous attention to customer experience and comparable store sales stage.

"In the Chinese market, the focus of global luxury brands is shifting from male consumer oriented products and accessories to female consumer oriented products and fashion," said Bain, global partner of the company and Bruno Lanna, the first author of the report.

Brands are also actively addressing this important change. "

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< p > < strong > the market is becoming more and more feminine oriented < /strong > < /p >

< p > although the overall market growth has slowed down, women's consumer oriented products and fashion series show strong growth momentum, starting from the male consumer dominated category to the female consumer dominated category, more similar to Europe and other mature markets.

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< p > < strong > four changes in China's luxury market < /strong > < /p >

< p > 1 and 2013, most brands set up their attitude towards stores: conservative and focused < /p >

< p > for the 20 global luxury brands involved in the survey, the number of new outlets in the Chinese market has decreased from about 150 in 2012 to about 100 in 2013, with a decrease of about 1/3.

Due to the decline in comparable sales of most luxury brands in 2013, they shifted their focus to renovation, relocation and operational improvement of stores.

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< p > 2, consumer group is more complex < /p >

< p > for example, in the first tier cities, in view of the growing maturity of consumers, they realize that the only way to highlight their unique personality and style is to have personalized mashup fashion instead of accessories that everyone can wear.

Unlike the consumers, consumers in the two or three tier cities are more traditional.

In order to attract diversified consumer groups, luxury brands have to pay more attention to more targeted communication methods and products than ever before.

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< p > 3, the trend of the luxury product line to the top and the entry-level polarization is forming < /p >.

< p > the trend of the luxury product line to the top and the entry-level polarization is taking shape.

In handbags, for example, the price of 25% is less than 5000 yuan, while the price of 33% is higher than 20000 yuan (/p).

< p > 4, marketing and sales channels are changing rapidly. < /p >

< p > Bain research found that China's consumer news is very smart. 73% of consumers get information about luxury goods before shopping through the Internet (brand website, news website, micro-blog, mobile phone application, etc.).

In addition, nearly 60% of consumers have bought some luxuries through purchasing channels (overseas contacts, Taobao or other professional a href= "http://www.91se91.com/news/index_f.asp" > purchasing agencies < /a > agencies and websites).

Half of respondents who had never purchased luxury goods through purchasing channels indicated that they would consider this channel in the future.

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