The changing face of China's luxury market | WARC | The Feed
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The changing face of China's luxury market
With the pandemic shutting down travel options, many Chinese consumers, including a significant younger cohort, are redirecting their spending into fashion-related luxury products, a new report says.
Why it matters
The New Faces of Chinese Luxury Shoppers report from consulting firm Oliver Wyman predicts that these first-time luxury fashion consumers will be responsible for 88% of the country’s luxury fashion market growth in 2021. And what they are buying isn’t what a previous generation of entrants bought, The Business of Fashion notes.
Key insights
- Forty percent of the first-time luxury consumers surveyed were under 25 years-old.
- Their entry purchases tend to be ready-to-wear fashion items (ten years ago it was leather items).
- Sales associates are an important point-of-contact with luxury brands for Gen-Z consumers.
The Evergrande cloud
Loaded with $300bn of debt, the future of property giant Evergrande is in doubt. If it were to go bankrupt, the impact on the wider economy would be significant. A financial crisis “will drastically slow down, if not stop” luxury purchases by the 75% of buyers who aren’t in the ultra-rich bracket, says luxury consumer trend publication Jing Daily.
Sourced from Business of Fashion, Jing Daily
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