Young Consumers, Small Town Consumers, Parity Consumers Become Three New Forces Of Luxury Consumption.

In August 21st, the first financial business data center (CBNData) and Tmall jointly released the report on the trend of luxury consumption in the new retail era in 2017 (hereinafter referred to as the CBNData report).

Based on Alibaba's big data, we have a deep insight into the characteristics of luxury consumers in the new retail era. CBNData's report shows that young people and female consumers are the dominant group in the luxury market. Young consumers, small town consumers and parity consumers become the three new forces of luxury consumption in the new retail era.

Meanwhile, CBNData's report shows online.

The three major trends are: daily products, brand niche and consumption normalization. The online luxury purchase process, experience and quality assurance have further driven the online purchase of Chinese consumers, and the new retail format is becoming a new choice for luxury consumption.

Category daily, brand niche, and consumption normalization.

In 2016, with the decline of China's tariff, the relaxation of control of imported luxury goods, the unified pricing strategy of the brand and the exchange rate, the heat of luxury outbound purchases began to decline, and domestic purchases gradually rose.

Luxury brands began to slow down the expansion of their stores and gradually close some Chinese stores. At the same time, they began to realize the importance of Internet marketing.

CBNData's report shows that China's luxury consumption has already seen an inflection point, and about 600000000000 overseas consumption is returning to the online consumption platform represented by Tmall.

China's luxury online sales share is increasing year by year, and is expected to reach 13% in 2021.

At the same time, the trend of online luxury consumption, which is different from the characteristics of mass consumption, is gradually emerging.

Category routine

Luxury brands penetrate into more subdivision categories

Touch on

At the beginning of the year, luxury goods often chose the famous brands with high popularity and the best sellers. With the gradual improvement of the online market, luxury brands began to enrich the online categories and gradually cover all aspects of consumer life.

According to the CBNData report, compared to the 2013, the proportion of liquor and watches in the luxury consumption category structure accounted for nearly 4 of the total proportion. During the 2013-2017H1 period, the proportion of daily skin care / make-up increased year by year.

Among them, the highest proportion of sales of skin care products, for example, the pursuit of luxury brands has penetrated into the mask, men's care and sunscreen and other sub categories.

It can be seen that for consumers, luxury is no longer limited to the consumption of scenes, but a part of daily life.

Brand niche

"Niche" luxury brand touches more consumers through Tmall

As luxury brands choose to enter Tmall, the choice of consumers continues to increase. Some luxury goods that are not well received in China are also choosing Tmall to get a wider understanding of the masses.

According to the CBNData report, in the eyes of consumers, luxury consumption no longer stays in LV, Gucci and Hermes. The past "niche" brand is now reaching more consumers through Tmall, greatly enriching the supply of luxury goods, and helping these brands attract more young consumers.

Take Japan's high-end beauty CPB as an example, in July 2016, CPB officially entered Tmall, in order to better meet Tmall's young consumer groups, and put the 8 new products' new skin care series in Tmall's beauty makeup for the first time, and also launched two special skin care suits that are more suitable for Tmall users.

Normalization of consumption

Luxury consumption is becoming more and more impulsive, and the proportion of purchase decisions is increasing on the same day.

In the double eleven e-commerce promotion Festival, popular brands will generally get a surge in sales, and luxury brands are also like this? According to CBNData report, compared with non luxury brands, sales growth over the double eleven has increased year by year, the growth rate of luxury brand sales is not obvious.

Three new forces of luxury consumption in the new retail Era

Young consumers, small town consumers, parity consumers

The reason why luxury brands have been taking the brand younger strategy one after another is not to cater to the new luxury consumption group, that is, young people.

According to the CBNData report, the dominant crowd in the online luxury market is 85 and 90, and women account for a higher proportion. From education and occupation, the proportion of people with higher education is higher. Financial, technology and other multi gold groups prefer to buy luxury goods. From the perspective of urban preference, the proportion of consumers in the second tier cities in the luxury goods market is higher. Among them, consumers in Beijing and Shanghai have a high degree of preference for luxury goods.

In the future, the online consumer group that luxury brands need to grasp is not just young women. The market to be concerned is not only limited to a second tier city, but also a new force for luxury consumption under the following three lines.

Young consumers

After 90, 95 became the core of luxury goods, of which 95 preferred cosmetics.

In the current Chinese online luxury market, post 70 and Post-80's are the backbone, but in the future, online purchasing power after 90 and 95 should not be underestimated.

According to the CBNData report, during the period from 2013 to 2017H1, the number of Tmall luxury goods market grew steadily after 90s. After 95, the crowd grew very fast. Among them, the beauty and watch luxury items were more favored by consumers after 90 and 95. Relatively speaking, 95 of the luxury items were in the beauty field. Among them, Givenchy was the most popular luxury brand after 95.

In terms of geographical distribution, 95 of luxury goods with high preference were mainly concentrated in Shanghai, Beijing, Jiangsu, Zhejiang, northeast, Hubei and Fujian provinces, and their preference for luxury brands varied greatly.

In addition, the consumption explosive force after 50 and 60, which has always been regarded as the most prudent consumption, has also been concentrated in the luxury consumption of Tmall, and has become a new fan of luxury consumption.

According to the CBNData report, after 50 and 60, female consumers purchased luxury goods through Tmall in the top provinces, such as Guizhou, Gansu, Ningxia, Yunnan, Guangxi, Henan and Guangdong.

Small town consumers

The central and Western frontline coastal areas, the three or four line cities are the fastest growing regions.

Luxury brands have reached more customers through Tmall. At the same time, luxury brands that originally opened only offline outlets in the first tier cities have been able to sell goods to more sinkable areas.

According to the CBNData report, the unit price of consumers in all tier cities in the luxury market has increased year by year. Among them, the unit price of luxury goods purchased by consumers from three to six cities in 2015 has exceeded that of consumers in the second tier cities.

At the same time, online luxury consumption growth rate TOP10 cities are almost three to six line cities.

There are great differences in consumer preferences among different tier cities. Among them, cosmetics and watches are luxury goods that consumers prefer to buy from three to six lines.

Generally, bags can best reflect the luxury consumption habits of Chinese people. According to the CBNData report, the top five provinces in China most like to buy bags are Beijing, Hainan, Jilin, Shanghai and Chongqing.

From the perspective of bag brand preference, Beijing people love Chanel, Shanghai's favorite brands are LOEWE, Cantonese's favorite MiuMiu, Zhejiang people love Dior, and Marni, which has always been a small minority, has become one of the most popular brands in the first tier cities such as North, Guangzhou, Shenzhen and Hangzhou.

It can be seen that the luxury consumption of Chinese people is showing the trend of regional diversified consumption.

Parity consumer

In pursuit of cost performance, most of the consumers are unmarried, and after marriage they begin to pay attention to their quality of life.

According to the consumer's ability to consume and the degree of price tolerance, it can be divided into three groups: the pursuit of cost-effective people, the mass consumption concept and the quality of life groups.

According to the CBNData report, in the luxury market in recent years, the scale of people pursuing cost-effective and mass consumption has increased significantly. Among them, female consumers have a higher preference for luxury goods than men, and in addition, they spend more money on cosmetics and watches.

After marriage, more consumers will start to focus on the quality of life.

Among the male consumers who pursue cost performance, the sales of unmarried men are nearly 6; among the female consumers of the quality living group, the married women's sales are close to 80%.

At the same time, the pursuit of cost-effective people in the wedding dress on luxury goods consumption will be greatly reduced, instead of increasing the consumption of alcohol and luxury goods.

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