Exclusive Report: Luxury Consumers in China - 2021 (60 pages)

With the largest population in the world, China has been in close contact with the global luxury industry ever since Louis Vuitton, the top French luxury brand, opened its first boutique on mainland China at Beijing’s Peninsula Hotel in 1992.

No one could have foreseen at the time that in less than 30 years the Chinese market would become the backbone of the global luxury market.

With the rapid growth of economy and technology, Chinese consumer culture has kept evolving. As most Chinese people can now easily have their basic needs in life satisfied, they are generally looking for something better and beyond, and “Luxury” happens to be one of them.

In China, luxury market seems to have achieved in just 30 years what took the United States and the West over a century.

Now we can enjoy best store experience and most spectacular fashion shows and brand exhibitions in person, on website, on handphone or even through VR.

In general, luxury brands and products are becoming more relevant to more Chinese people. As the consumption power grows, the attitude towards luxury objects are evolving from only dreaming about it, longing for it, or desiring it, to readily expecting it.

During this process, the old and the new coexists and clashes, making the luxury market in China somewhat more chaotic than elsewhere with regard to product planning, sales channels and marketing tools.

Although enjoying the rapid growth in China luxury market over the past decade, global luxury players are facing more and more uncertainties and challenges here due to the fast changes in people’s lifestyle and social psychology. The pandemic has only exacerbated such uncertainty and make it even more difficult to forecast the pattern of behavior of luxury consumers, especially the young ones.

At the turn of the decade, with the weight of Chinese luxury consumer greatly increasing, how to catch their attention, stay relevant and be truly desired by them are one of the top priorities for almost all luxury companies in the world.

As China’s leading information and research platform focusing on luxury, fashion and lifestyle sectors, Luxe.CO has been tracking China's high-end consumers for more than 8 years, with a string of exclusive, high-quality surveys and reports completed and published by LUXECO Intelligence over the past 4 years.

Focusing on present Chinese luxury consumers, Luxe.CO, LUXECO Intelligence and Sina Weibo have joined force to conduct a very comprehensive research in early 2021 and compiled the following report.

All the data and phenomena collected and analysed in this report are indicating that, the paradigm of China luxury market is drastically shifting, and a brand new era is coming. To prepare for it, the best starting point is to understand the ones you are trying to talk to and sell to.

This 60-page report is based on a survey of 1,030 Chinese consumers conducted by Luxe.CO, combined with social data from Weibo, industry data from different perspectives, and brand case studies.

The important partner of this report -- Weibo, is China's leading social platform for whom young people are the main users . It is also an important platform for brands to accumulate social capital. At present, there are more than 110 million Weibo users interested in luxury goods, among which, the post-95s accounts for 43.8 percent (and the post-90s 28.3 percent). They have already or will become the backbone of China luxury market.

- Outside first-tier cities, what are the potential cities with the highest enthusiasm for luxury goods?

- Which luxury watch brands do male consumers pay the most attention to?

- Which luxury jewelry brand do post-95s pay the most attention to?

- What do people think of luxury goods with Chinese elements?

- How to generate spontaneous communication between users around brand activity?

......

【 Luxury Consumers in China - 2021 】by Luxe.CO Intelligence x Weibo  (60 pages)

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- About Luxe.CO

Since its inception in 2013, Luxe.Co has built a multi-channel media matrix, through Chinese & English website ( luxe.co ; en.luxe.co), Android and IOS app (华丽志) as well as social media accounts (WeChat & WeiBo) and major 3rd party media platforms.

Luxe.CO has been firmly established as the most trustworthy media brand and go-to source to acquire global fashion business and financial news, to understand global fashion industry development, to connect fashion industry network and resources, and, to help companies and brands communicate with the most important audiences in the industry.

For millions of leaders, entrepreneurs, investors, professionals, opinion leaders, Luxe.CO provides the latest and well-curated news, in-depth research and analysis on brand operation、venture investment、M&A，industry research papers etc.

From 2015 onwards, Luxe.co has been hosting “Luxe.Co Global Fashion Investment Forum” annually in China and abroad, as well as a number of closed-door seminars & open forums.

Leveraging on our profound industry knowledge，professional research team，extensive industry and finance network, we also provide strategic consulting、research and PR services to global brands who are entering China or hope to accelerate growth in this most promising market, helping them to fine-tune China strategy and identify best local partners.

- About LuxeCo Intelligence

LUXECO Intelligence is a research and strategy consulting service provider , focusing on luxury、fashion、beauty and lifestyle business.

We are capable to integrate China angle、global vision and broad industry perspective to provide forward-looking consumer insights, industry research, and strategic advisory services.

The unique strengths of LUXECO Intelligence lie in the strong industry network, data intelligence and knowledge system that we continue to build, supported by our efficient first-hand data gathering and survey channels and tools.