As China’s middle class grows more sophisticated, luxury is evolving. For British brands, the challenge is to stay relevant without diluting their heritage Once a rarefied pursuit of the few, luxury in China is undergoing a subtle but profound transformation. Over the past two decades, global luxury brands from Burberry to Bottega Veneta have raced to establish themselves in the world’s second-largest economy. The assumption was simple: as China’s middle …
Tag:
Luxury
China’s HNWIs are driving demand for luxury home interiors, offering British brands a prime opportunity to dominate this niche market.
These days, male Idols are a standard part of the advertising toolkit across Asia and in China – in fashion magazines, shopping channels, adverts, and online sales channels. It may be a rarely seen phenomenon in the West, but rest assured that it is huge in China. Put simply, male idols are able to sell more magazines and more product than female idols – largely because of their enormous and …
As Burberry, LVMH, Kering and others report flagging sales, what does China’s luxury slowdown mean for British brands? For several years now, China has been seen as the main driver of growth for the luxury goods industry. But recent sales figures from both luxury groups and independent brands indicate that Chinese shoppers are reining in their spending amid economic uncertainty. Two of the world’s largest luxury groups, Kering and LVMH, …
China is on track to become the growth engine for the world’s luxury goods market, powered by digitally-savvy consumers shopping on platforms like Tmall Luxury Pavilion China is the world’s second-largest luxury market thanks to a rising middle class and many high-net-worth individuals (HNWIs) with huge disposable incomes. According to a recent Morgan Stanley report, Chinese consumers will make up 60% of total global spending growth on luxury items by …
Social commerce platforms like Douyin are playing an increasingly important role in the luxury sector in China, helping brands to connect with their consumers on a more personal level, writes Qing Na from Dao Insights In stark contrast to the overcast outlook of China’s overall economic recovery, the luxury sector has seen positive signs after what has been described by Vogue Business as “expectation-beating growth” in the second quarter of …
Ahead of China Consumer 2023, Focus speaks to Michael Ward, Managing Director of Harrods, about being the first department store in Europe to embrace Chinese payment methods such as Alipay, and infusing creativity into the brand’s digital interactions Tell us more about how Harrods entered the China market At Harrods, we have been actively involved in the Chinese market for over 10 years, building strong relationships with Chinese customers both …
China is the world’s second largest luxury market thanks to a rising middle class and many high net worth individuals (HNWIs) with huge disposable incomes. It also has a growing number of millennials and Gen Z consumers with a considerable interest in premium and luxury brands. Hawksford’s Fabio Stella and Dario Marotta explore the opportunities for luxury brands China’s luxury market has bounced back following the reopening of the country’s …
Chloé Reuter, founding partner and CEO of luxury consulting business Gusto Luxe, on the present and future of the luxury market in China, going digital, and why UK brands need to prepare for the return of Chinese travellers Strict travel restrictions and quarantines, harsh lockdowns and political tensions, not to mention the absence (until mid-August 2022) of direct UK-China flights, have led many British luxury brands to question their investments …
With a higher proportion of young, wealthy consumers than the West, China’s luxury marketplace is more dynamic and has a strong demand for innovative campaigns. Emily Riddell explores 5 ways international luxury brands like Cartier, Gucci and YSL have successfully connected with Chinese consumers The Chinese market has become the holy grail for luxury brands: in 2020, the country’s overall share of the global luxury market doubled to 20%. However, …