Online channels may be essential to driving future growth in China’s luxury market, especially outside the major cities, but a physical presence in these is still seen as important for overseas brands.
This Mediacom China report, in collaboration with Kantar, developed a research blueprint to unlock the formula needed for luxury brands to activate social media effectively for an audience-first approach.
Fred Bronner and Robert de Hoog, International Journal of Market Research, Vol. 61, No. 4, 2019, pp. 430-446
Consumer behavior recently underwent three main developments: a shift from material purchases to immaterial experiences, a shift from signaling status and wealth by means of consumer behavior to signaling identity, and increased social visibility due to the growing importance of social media.
Gamification is a well-accepted essential of marketing to Chinese millennials, but this is no longer restricted to the online environment, as a visit to the gaming arcades in the nation’s malls will attest.
It is estimated that millennials account for two-thirds of all luxury spending in China and, in a development that will concern global brands, there are signs that these younger consumers are increasingly open to homegrown alternatives.
Online luxury sales are forecast to grow significantly in Australia, a market where brands have up to now been focused on building a physical presence, thanks in part to the emergence of a younger buyer demographic.
This article offers an overview of how marketing drives business performance by explaining the theories of buyer behaviour, the ways that marketing can influence that behaviour and how advertising works.
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