China'S Growing Consumer Demand Has Led To A Rebound In The Luxury Sector.

According to the world clothing shoes and hats net, the world

After experiencing weakness in 2016, the industry is expected to rebound in 2017.

Recently, analysts predict that the growth rate of the industry will be within the range of 6%~7% this year.

Last week, sponsored by Pambianco consulting, Italy consulting company.

During the Luxury Summit Fashion & Luxury Summit, Deutsche Bank optimistically predicts that the total revenue of the luxury industry is expected to reach 250 billion euros in 2017.

The rebound in the luxury sector is mainly due to the growing demand for Chinese consumers.

According to Deutsche Bank data, the Chinese market accounts for 31% of the world's total demand for luxury goods. By 2020, this figure will increase to 34%, of which more than 60% of the luxury shopping behavior takes place outside China.

Another decisive factor is the return of European consumers, which account for 19% of the global luxury sector.

Luxury consumers are more likely to be attracted by more attractive goods and standardized pricing.

From the geographical market, the most important areas of luxury shopping expenditure are Europe (33%), the United States (32%) and China (13%).

More than half of the demand is contributed by tourism consumption, and luxury tourism consumption is different.

The proportion is: Europe (58%), Asia (55%), the United States and Japan (over 20%).

The report points out that tourism consumers represent an important source of tourists in the luxury goods industry. However, the consumption behavior of these people can not be predicted and will easily change because of some external factors (such as exchange rate, geopolitics, visa conditions, etc.).

But tourism retailing still has unlimited potential.

According to the report, sales of the channel account for 10% of the total revenue of the luxury goods industry, mainly due to the increase in the number of airports and flights, and the significant increase in the flow of luxury duty-free shops.

The millennial generation is another main customer group of luxury consumption. The age group of 21~37 years old continues to drive the growth of the market, not only for consumers but also for opinion leaders.

According to Deutsche Bank data, the millennial generation accounts for 27% of the total number of luxury consumers. By 2020, this proportion will rise to 33%, and the younger generation of Z will account for 8%.

According to the Pambianco study, the current generation of luxury goods consumers account for 25%, and this proportion will rise to 40% in the next 5~7 years.

The author of the Deutsche Bank report says that luxury quality and rarity are already very popular concepts, but the more important factor is that a brand can attract consumers from the emotional level.

Pambianco believes that today's digital platform is of great significance to luxury consumption. The market is no longer dominated by the new series of seasons and specific products, but is constantly updated by the social networking Instagram and other electronic business platforms. The new series of major brands are increasingly relying on capsule, flash and holiday series.

The brand must build its own community on the Internet in order to continuously enhance its brand awareness and influence in the digital platform.

Based on the constant growth of the digital platform, there will also be a chain reaction to the brand Direct stores, and there will be more direct interaction with consumers, while middlemen and retailers are facing the risk of being weakened.

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