Consumer Digital Behavior Report On China'S Luxury Market: Millennials Are The Main Force Of Luxury Consumption?

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32% of global sales are generated by Chinese consumers.

By 2024, Chinese consumers will contribute to the world.

40% sales led to 75% growth in the global market.

These data are provided by Boston consulting firm (BCG) and Tencent Inc jointly released in September 26th in Beijing, China consumer market digital consumer behavior report.

The report shows that the main force of the new generation of luxury consumption is very young. About 58% of them are young people aged 18-30, whose education level is above undergraduate level, and the proportion of female consumers is 71%.

More than 50% of the consumers live outside the top 15 cities in China, and are located in the second tier, the three tier and the lower tier cities.

They are deeply influenced by digitalization and get all kinds of information from mobile phones all day.

The average time of using WeChat or QQ per person per day is 87 minutes, playing the Tencent hand travel time for 45 minutes, other content browsing time (such as watching Tencent video, Tencent news, listening to QQ Music) for 75 minutes.

The path of luxury consumption is highly digitized and fragmented.

The millennials found that luxury goods, information collection, shopping, payment and delivery methods and after-sale activities are becoming more and more diversified. They get information through various social media and online platforms, shopping is no longer limited to physical stores, buying or buying people from abroad, online shopping mall, brand public numbers, small programs, social media and other ways of buying one after another.

In this regard, Boston consulting partner Wang Jiaqian told the first financial industry that with the development of this trend, the competition for luxury goods will quickly shift from offline to online, and enter the 2 era of luxury goods in five years.

The report summarizes six major trends in the change of consumer groups and consumption patterns.

More than 50% of luxury consumers' attention is online, especially in the super application of mobile phones.

Super applications refer to mobile applications such as WeChat, Tencent video, QQ music and so on.

In 2017, Chinese smartphone users spent 50% of their time using Tencent mobile apps.

In contrast, face book (Facebook) accounts for only 22% of the time consumed by American consumers.

Fashion KOL (key opinion leader) is an important contact with luxury consumers. The top 30 net red average accounts for 3.2% of luxury consumers.

It is worth noting that the number of KOL is large, and their positioning and content output styles are different. The target customers of brands are not necessarily the most popular fans of KOL.

The brand public number (or brand Mini program) is becoming a powerful position to attract and mobilize the participation of consumers. The average reading volume of each article released by the official account can reach 20 thousand on average, while some excellent luxury public numbers can even exceed 100 thousand.

Online research and offline purchase (ROPO) has become the most important luxury purchase path; young luxury consumers will first gather information on the Internet and then go to a physical store.

And because of the price, the store's internal sales style and other reasons, 45% of the online collection of information will also choose to buy luxury goods abroad.

Digitalization is the key to touching and pforming low level consumers; the proportion of consumers who purchase luxury goods online from three and three cities reaches 16%, far exceeding that of first tier cities (8%) and second tier cities (9%).

At the same time, the radiation effect of big cities is an effective way to get in touch with such consumer groups.

51% of consumers in low - line cities will choose to go to nearby big cities to buy luxury goods after studying online.

The proportion of purchasing behavior on the pure line of e-commerce is about 12%, and the platform mode is still dominant. However, social shopping has quietly sprung up in China's luxury industry.

The proportion of Chinese consumers buying luxury goods through social networking platform reached 11%, accounting for 2% of the total electricity purchase in Europe and the United States.

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With the rapid development of consumer shopping path, China's digital ecosystem has also introduced innovative digital tools to empower enterprises in such aspects as marketing drainage, online offline pformation and upgrading experience.

In the face of the tremendous changes in consumer digital behavior, brand operators need to actively rely on digital means to comply with them.

New rules of the game.

In order to meet the consumers' different shopping paths and customize the digital strategy, they can win the opportunity to face the competition of digital 2.