Combating Corruption And Boosting China'S Luxury Market Is Becoming More And More Normal

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In 2011, as an analyst of HSBC, he was a veteran of the luxury industry for 6 years. He worked in Paris.

In that year, he moved to Hongkong.

Although most brands are European brands, consumption is shifting to China in the Orient.

He said, "the reason I moved to Hongkong is to try to understand this trend better and how Chinese people consume it."

After three years of observation, Lang Bo, 41, who is responsible for HSBC's research in this field, wrote his insight in a new book, "the shining Dynasty: why the era of Chinese luxury consumers has just begun".

He recently talked about why China's luxury consumption is different, why it is a good thing to fight corruption, and how the Chinese and American consumers are becoming more and more alike.

The luxury industry 20 years ago was driven by European consumers, and it was driven by Japanese consumers 10 years ago, but Chinese consumers are expected to take the place of it, langburger said.

Nowadays, the Chinese are the main ones.

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In 2015, Chinese consumers will account for 35% of luxury consumers.

Investors think the luxury market in China and Japan is similar, but Langbo said there are differences in culture and market structure.

First, in terms of gender, the Japanese market was dominated by career women.

These people are women who work with their parents in secretarial jobs. Most of their income is spent on buying handbags.

The Chinese market is made up of men. The core consumers are male traders. Many luxuries are for the purpose of gift giving rather than for themselves.

Today, the core consumers of Japan are elderly women.

China's core consumers have also changed.

Businessmen are still luxury consumers, but there are also young female consumers and consumers who are totally different from Japan.

In Japan, there is a trend to shift from luxury products to big brands.

What they are looking for is a more comprehensive experience: they are now doing SPA instead of buying a handbag.

The Chinese luxury market is unique because of its early dependence on male consumers.

But the anti corruption movement has made the gift giving behavior disappear. This trend is beneficial.

In the past, the market was high and unstable.

With individual buying behavior and private gifts replacing commercial gifts, langburger believes that more sustainable growth will be seen.

China's luxury market has been reset - watches, liquor and brandy have been affected.

In the book, Langbo says American consumers are becoming more and more like Chinese consumers, and Chinese consumers are becoming more and more American.

In this regard, Langbo said that American consumers in the past would be affected by guilt.

They used to be low-key and prudent, but now they are more accepting of big behavior.

But Chinese consumers are heading for another trend.

Because of travel and Internet, they know how much money they should pay, and the price abroad is more suitable.

They also like big cards, but they do not want to be cheated.

They want the right price.

Now the pursuit of a good value for money has begun to take root.