Shedding a stigma, home grown luxury brands try to win over wealthy mainlanders who clamour for western labels will it work. China's luxury consumers are moving beyond bricks and mortar and going online for their next python-skin handbag fix, and high-end fashion. The best branding practices in china reports focus on how brands become strong in the chinese market for the luxury issue, labbrand and. Global luxury brands need to structure their business models around the constantly growing and evolving 50 million chinese global and local luxury consumers. Gucci and prada's financial results are disappointing and there's a fear that the west can't provide what sophisticated chinese shoppers want.
Shanghai: wealthy chinese students studying abroad are an increasing focus for luxury brands, with label-loving students acting as key. Despite slowdown, the cult of luxury grows in china the government's anti- corruption campaign could squelch the chinese luxury market. The good times are back for luxury brands in china just look at this chart based on a june 7 report by management consulting firm bain.
A weak currency, strong ant-corruption reforms, and stiff luxury taxes are forcing global luxury brands to rethink their expansion plans in one of. The luxury industry in china accounted for 29% of the global market in 2015 and continues to grow at an envious rate by western standard. Worldwide sales of luxury goods such as high-end handbags, shoes and jewellery are growing faster than expected this year thanks to thriving. China's luxury shoppers are moving away from flashy labels towards more subtle displays of wealth.
Jing daily writes that according to bain & company's annual industry bain luxury study report, 2016 marks the first time in history that. The 2017 worldwide luxury market monitor, jointly released in october by bain &company and altagamma, revealed the business turnover of. A master thesis on research and analysis of chinese luxury market, with a special focus on the consumer perspective and marketing strategy. The 2017 china luxury market study by bain & company revealed important insights into the chinese market that luxury brands should take. The last 12 months have seen a wide variety of china-related activity in the luxury space – from mergers and acquisitions to evolving brand.
A customer checks her luxury goods delivered by member of jd's vip delivery team shang kai in beijing's central business area, china. Wealthy chinese customers are set to add considerably to the global luxury spend over the coming decades, projected to hit $150 billion. China's millennial generation has brought strong momentum to the country's luxury personal goods consumption, which grew by 20 percent in.
The market for luxury goods in china composes a significant proportion of all luxury goods sales worldwide in 2012, china surpassed japan as the world's. The post-2008 years have not been the easiest for luxury brands, but china's apparently unquenchable thirst for all things bling has made up. The emergence of luxury in contemporary china is evidence of the international strategy of global luxury brands, and, at the same time, enhances the role of. Luxury goods sales growth had historically been strong in china the market expanded 19 percent annually from 2007 through 2014,.
China's growing affluent consumer segment has been attracting worldwide luxury brands for a long time gucci, lv, zegna, and many other top brands tapped. Even as growth slows, there's a sizable, and sophisticated, pool of luxury shoppers in china but brands need to take a new approach to keep them interested. For or much of the past decade, china has been the key driver of the global growth in luxury products but the chinese luxury market is changing fast. With more money comes a desire for higher status, the chinese use luxury goods in china to demonstrate their success to others.