Why China is Redefining Luxury презентация

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?

THE WORLD’S LARGEST LUXURY MARKET

luxury items and the status they bring, new research reveals there is a new characteristic these consumers are looking for – craftsmanship.

REDEFINING LUXURY

word most defining luxury – ahead of ‘expensive’ at 58% and ‘status’ at 53%.

REDEFINING LUXURY (cntd)

that they identify luxury brands as those providing craftsmanship in production and design.

Respondents’ annual salary who agreed that luxury was defined as craftsmanship

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 ABOUT THE LOGOS

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

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

Strategy Latest Luxury Trends Survey:
Mintel & Unity Marketing
Seymour Sloan