China'S High-End Consumer Groups Begin To Expand

Amid the bad news of many luxury goods' performance reports, a brand named Henry Poole, from the UK's "high Fortune Street" and the elite male tailored suit, did the opposite. It chose to aim at the Chinese market when the market was bad, and made the Chinese market one of the top markets in 2016.

On the Saville street in London, England, there are tailor shops for men's custom tailors, which have been produced exclusively for Royal aristocracy and elites in a short street.

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Among many brands, Henry Poole was the first to enter China.

In 2006, Henry Poole entered the Chinese market with the help of Heng Long, the chairman of Heng Long You Wei Industrial (Hangzhou) Co., Ltd., although the store was run by Heng Long, Henry Poole sent a tailor from London, England to Beijing every year to exchange training, trying to make Beijing's Henry Poole the same as in Britain.

Henry Poole brand sales manager Anthony Rowland, in an exclusive interview with the first financial daily, said that the brand of Henry Poole has always been very low-key in the past. The choice of consumers is also dominated by royalty and business elite, and will not deliberately select celebrities.

But recently, due to the introduction of the latest Chinese plation of scenic spots in the UK,

Saville street was changed to "Gao Fu Shuai Street", attracting a large number of tourists for a visit.

Roland said that more and more Chinese businessmen went abroad to find them in Saville street, London, so that they may feel that this is an opportunity for brand development, plus China.

The number is expanding rapidly, which is further stimulating the consumer market.

From the present to 2020, the total number of China's "high speed" families (the middle class and above families in urban areas) will increase from 81 million to 142 million, and it is estimated that by 2020, China's upper middle class and wealthy consumers will contribute 55% of urban consumption and 81% of incremental growth to China in 2020, according to a new survey published by the Chinese consumers' think tank of BCG.

Such a large number of middle class has created a huge clothing market.

According to the "China Men's clothing industry development trend report" released by the China Clothing Association last year, the size of China's men's wear market reached 900 billion yuan in 2014, accounting for about 47% of the overall clothing sales market. It is expected that the number of men's clothing market will reach about 50% in the next few years.

Sullivan, global partner and chief executive of Greater China in Wang Xin, told reporters that for China's high-end men's clothing market, especially the luxury custom tailored products, the main consumer group is the high net worth crowd.

In 2015, the number of high net worth people in China has exceeded 100 million, and is expected to continue to grow.

The increasing number of target customers makes the customized suit brand and some high-end men's clothing brands less affected by the slowdown in the overall luxury market.