While high earning Chinese consumers are known for their love of luxury items and the status they bring, new research reveals there is a new characteristic these consumers are looking for – craftsmanship.
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Why China is Redefining Luxury
1. Why China is Redefining
Luxury
B R A N D S T O T R U S T
www.positiveluxury.com London - New York
WHY CHINA IS
REDEFINING LUXURY
BY
2. Chinese consumers are spending more on luxury
products than any other country.
Having leapt past Japan, China has become the
paramount driver of growth in this sector,
accounting for over one-quarter of the global total.
But how to capture the heart and soul of the Chinese
consumer?
THEWORLD’S LARGEST LUXURY
MARKET
3. While high earning Chinese consumers are
known for their love of luxury items and the
status they bring, new research reveals there
is a new characteristic these consumers are
looking for – craftsmanship.
REDEFINING LUXURY
5. PROVIDING CRAFTSMANSHIP IN
PRODUCTION & DESIGN
56%
58%
60%
62%
64%
66%
68%
70%
72%
Over 25,000 20,000 - 25,000
RMB
In addition, a
massive 94%
agreed that
they identify
luxury brands
as those
providing
craftsmanshi
p in
production
and design.
Respondents’ annual salary who agreed that luxury was defined as
craftsmanship
7. The Chinese consumer has become more
sophisticated after just a few years’ experience as
buyers of luxury products.
This is driven by the recent austerity measures and
means that consumers feel flashy logos and opulent
luxury reflect badly on who they are.
IT’S NOT ABOUTTHE LOGOS
8. Luxury brands also have an opportunity to appeal to
an increasingly relevant group of consumers known
as the HENRYs, or High-Earners-Not-Yet-Rich.
HENRYs are important because they represent
future ultra-affluent and wealthy consumers.
By establishing a personal connection with these
individuals, brands can guarantee that they will
continue to make purchases when their income
increases.
MAKING A CONNECTION
9. The future will herald customers for whom, all
aspects of luxury are transparent and as such, will
increase their expectations of luxury brands.The
future will be about customers demanding more
impact and quality for their money.
• An increasing significance of sustainability when
considering purchasing decisions. Even luxury brands will
have to demonstrate both environmental and social
responsibility.
• As we move towards 2020 there will be a greater
requirement for luxury brands to be exemplary citizens.
• It is also a natural return to the essence of luxury - the idea
of the artisan hand crafting products with passion.
THE FUTURE
10. C o n t a c t u s : H e l l o @ p o s i t i v e l u x u r y . c o m
R E F E R E N C E S :
The McKinsey Chinese Luxury Consumer Survey
Agility Research & Strategy Latest Luxury Trends Survey:
Mintel & Unity Marketing
Seymour Sloan