INNOVATION DRIVES FASHION FORWARD

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Luxury Consumption in China: a 2020 White Paper by LUXECO Intelligence

October 20,2020

The sudden outbreak of COVID-19 in 2020 has had a huge impact on everyone, and people's emotions have often swung back and forth between excessive pessimism and optimism. For practitioners and brands deeply involved in the luxury goods industry, the shocks and sways of the times have created unprecedented uncertainty. However, even in the face of this difficult transition, the strategic advantage of the Chinese consumer market for major luxury brands has been reaffirmed.

After the worst of the epidemic was over, the Chinese market has leding the way in restarting luxury consumption. In the financial reports of luxury goods groups such as LVMH, Kering, and Richemont, strong sales figures for the Chinese market have stood out against the global downward trend. Brands have also accelerated their entry into major e-commerce and social platforms in China and increased their marketing efforts during the holiday seasons.

If, as it was said, luxury brands once aimed squarely at the pockets of Chinese customers, then those brands must now fully integrate into the Chinese ecology, learn quickly, and lay out their plans carefully before they can win the future. Behind the challenge of integrating into the Chinese ecology, luxury brands are faced with intricate online and offline communication and sales channels, highly digital content and technology applications, multiple types and ages of consumer groups, and a market environment where innovation and competition are fierce.

Luxe.CO has entered its fourth year of research into Chinese young fashion consumption behavior and preferences. Based on the perspective of the global fashion industry, we have unpacked the challenges faced by leading fashion brandsca by conducting qualitative interviews, widely recognized by fashion industry figures at home and abroad, with consumers born in the 1990s.

In this special period, we have chosen to focus on luxury consumption. The momentum of the Chinese market demands a deeper understanding and insight into Chinese luxury consumers. Their attitudes and behaviors directly affect the strategy and investment of luxury brands in China and also act as a vane for trends in Chinese fashion consumption.

Based on the first-hand questionnaire and selected interviews with 1,076 Chinese luxury consumers, Luxe.CO's professional research and strategy consulting service provider, Luxe.CO Intelligence, produced a special 74-page report, titled "Luxury Consumption in China: a 2020 White Paper". The report demonstrates the six key considerations for overall brand strategy:

1. Chinese Luxury Consumers: Portraits and Mindsets   

2. The Value of Physical Stores in the Digital Age 

3. The New Ecology of Luxury Online 

4. Key Touch Points for Luxury Consumers

5. Luxury Categories with the Greatest Potential

6. New Ways for Luxury Goods to Impress Chinese Consumers

Through accurate data collection, meticulous one-on-one interviews, and professional analysis and interpretation, the report presents Luxe.CO Intelligence's unique insight and comprehensive thinking on the Chinese luxury consumer market. For luxury brands, manufacturing and retail companies, and all professionals who are concerned about mid- to high-end consumers, the 2020 White Paper is a valuable learning resource and decision-making reference tool.



About LuxeCO Intelligence

“LuxeCO Intelligence” is an information and consultancy service platform for the global fashion industry. It is based in China and provides forward-looking consumer insights, industry research, and strategic advisory services from in-depth industry perspectives based on a broad global vision.

Based on a continually expanding industry network, data intelligence, and knowledge system,  “LuxeCO Intelligence” is focused on the luxury, fashion, beauty, and lifestyle industries. It seeks to provide industry leaders with the best decision-making references due to its structured business information, systematic research on sub-industries, efficient first-hand research, rich case studies and forward-looking strategic thinking.

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