What is the future trend of luxury goods in China?

1.Can't afford it at the moment.

2.I still can't afford it after a while.

3.Whether you can afford it in the future depends on the situation.

You ask Brother Peng. He's about the same topic as you.

The first is cognitive upgrading and exclusive services.

Consumers recognize that purchases involve online and offline touchpoints, highlighting the omni-channel characteristics. With the omni-channel layout of the brand, the decision-making chain of consumers presents a short-chain trend. 1-to-1 shopping guide has a prominent impact on improving service efficiency and enhancing customer stickiness.

In the purchase process, about 50% of consumers in this path believe that 1-to-1 shopping guide is the most important factor in the purchase process. A 1-to-1 shopping guide is just as important as it is to promote repeat purchases. In the future, omni-channel consumer data accumulation and personalized operation are the key to the continuous operation of brands.

The urban elite group with service-oriented and personalized demands is the typical target group of this path.

The second is socially driven and guided conversion.

Multi-contact closure linkage is a typical feature of this path. On average, consumers continue to pay attention to brand and product information through more than 6 touchpoints, and share it through more than 3 touchpoints. These consumers are distinctly social.

The development of digital platforms allows consumers to shape their personas and share their attitudes. Brands should actively build social influence to drive consumer conversions along the pathway. Socially active and share-loving fashionistas are typical target consumers for this path.

The third is to integrate into life and occupy the mind.

The integration of brands and consumer lifestyles is a prominent feature of this path. More than 50% of consumers take the initiative to learn about brand history. Consumers seek the integration of personal values and brand concepts, and shopping has become a way for consumers to express their own life philosophy.

Brand interaction and intersection are important drivers of consumer shopping in this pathway. Brands should actively create immersive and interactive experiences through omni-channel and multi-platform to better integrate into consumers' daily lives. High-income, taste-conscious high-net-worth individuals are typical of this group.

Summary. The scale of luxury consumption by Chinese consumers, the total global consumption of luxury goods, and the scale of luxury consumption in China. With the continuous development of China's economy and the gradual improvement of people's living standards, the luxury market has grown rapidly, and the luxury industry has developed rapidly in China.

The scale of Chinese consumers' luxury consumption fees, the total global consumption of luxury goods, and the scale of luxury consumption in China's Jingshendan. With the continuous development of China's economy and the gradual improvement of people's living standards, the luxury market has grown sharply, and the luxury industry has developed rapidly in China.

According to the nationality of consumers, from 2015 to 2019, the scale of global luxury consumption of Chinese consumers showed an upward trend, and in 2020, due to the impact of the epidemic, it decreased to about 59 billion to 63 billion euros, but Bain expects that Chinese consumers' luxury consumption will soon recover, reaching 150 billion to 180 billion euros in 2025.

In 2020, the total global luxury consumption was about 217 billion euros, and the proportion of China's domestic luxury market in the total global luxury consumption jumped from 2019, and the total global luxury consumption is expected to reach about 330-370 billion euros in 2025, and the Chinese domestic market is expected to become the world's largest market.

My view is that although the scale of global luxury spending by Chinese consumers has been declining in 2020, the scale of domestic consumption has increased significantly. According to Bain & Company's data, in 2020, the scale of domestic luxury consumption by Chinese consumers has exceeded 40 billion euros, accounting for more than 70% of the total domestic and overseas consumption scale from 32% in the previous year to more than 70%, reaching a peak, and it is expected that the proportion will decline in the future, about 55% in 2025 as the situation returns to normal.

In 2021, the reasons for the increase in consumer consumption in Chinese mainland are insignificant, due to the passive return of the epidemic, the proportion of consumption that chooses to rise within the poor environment will reach 34%; Due to the improvement of shopping conditions in the mainland, 38% of consumers chose to spend in the mainland, of which 72% of consumers said that the shopping channels in Chinese mainland were more convenient, and 67% said that the mainland had rich products and improved services. However, only 28% of consumers actively choose the mainland market for their first purchase (i.e. active growth). It can be seen that the return of consumption is the main reason for the contrarian growth of China's mainland luxury market.

It has surpassed Japan and become the world's No. 1.

Okay, there are a lot of rich people.

I still have an experience about luxury e-commerce, and now all luxury e-commerce companies have nothing to do. The former Shangpin Network, which has been continuously reduced from the membership system, has now been sold. The catwalk network and the secoo have not done much.

Although Secoo is listed, it is too insignificant compared to this industry. The fundamental reasons why this vertical has not been done are:

Supply and demand are misaligned; Now those who buy luxury goods online are not real luxury consumers at all, but show off consumption, so it is enough to buy A goods and fakes, and many luxury e-commerce companies are catering to them. However, real users don't buy it online, or important things don't buy it online.

Therefore, in order to do luxury e-commerce, it should be the ultimate high-end, and do luxury services rather than luxury products. Exclude conspicuous consumption and bring together the real group of people, whose consumption potential is limitless. Like all kinds of luxury clubs, the output will be far more useful than buying luxury goods for the poor.

I think it's quite big, people are getting richer and richer, and they're starting to pursue these things. This is especially true for those who have moved from general endowment to relatively wealthy.

All the major luxury brands have entered China, and everyone is optimistic about the Chinese market. Although China is not yet the largest luxury market, companies are optimistic about China's development in the next 5-10 years, and it will definitely surpass Europe and the United States.

IFA Paris has a related master's program, 3 months in Shanghai, 3 months in Paris, 3 months in Italy, taught in English by all foreign teachers.

Despite the decline in sales and store closures in 2015, China, the largest market in China, is still a strategic location for the world's major luxury brands.

According to the "Analysis Report on Market Demand and Investment in China's Luxury Industry", with the rapid development of the economy and the improvement of residents' income levels, China's wealthy people have emerged rapidly, and the development potential of the luxury industry is huge. At present, Chinese consumers already account for 30% of the global luxury market.

China's luxury market will gradually recover this year, with sales expected to reach US$76 billion, and may surpass the United States to become the world's largest luxury market in the next five years. It is expected that the growth rate of the global luxury consumer market will slow down further in the future, and the global luxury market will exceed 340 billion euros by 2022.

Selective and exclusive ready-to-wear for men and women.

Luxury jewelry and watches.

Perfumes and cosmetics sold through selective distribution channels.

Fashion accessories. Red wine and spirits.

Luxury cars. Luxury hotel.

Luxury tourism. Private banking services.

Cars, imported perfumes, diamonds, a lot.