Daxueconsulting+中国时尚奢侈品市场报告

1China Chic:The Emergence of Chinese Luxury BrandsFebruary 20222CONTENT OUTLINEHow Chinese consumers define luxury in China1.3The impact of Guochao on China’s luxury industry3.14Hypotheses for the emergence of Chinese luxury brands4.20About us5.42Chinese luxury brands are gaining momentum2.7How Chinese consumers define luxury in China1.Today in China, luxury means self-expression, self-actualization and community-building © 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 4Younger Millennials and Gen Z are changing the definition of luxury in China, making luxury goods shift from being signals of socialstatus to becoming instruments of self-actualization, self-expression and community-building.Elder generations used to consider luxury as mainly a symbol ofhigh social status and opulence. However, as younger generationsimpose themselves as the main drivers of luxury consumption, thedefinition of luxury in China is gradually evolving.Today, young Chinese consumers regard luxury as a means toreward and express themselves in a more elevated and upscaleway. Even though luxury goods are likely to be still important insignaling a high-end lifestyle, Gen Z are more eager to share, talkabout and discover their luxury experience, thereby building acommunity of kindred spirits.Source: Tmall (2020), N= 3,000Top 3 defining features of luxury goods by age group 1.Price2.Signaling a high-end lifestyle3.Profound history1.Price2.Profound history3.Unique design aesthetics1.Price2.Unique design aesthetics3.Profound historyBaby BoomersMillennialsGen-ZSource: Mazars (2019), N=3,23568%61%45%24%20%6%Reward formyselfPursuit offashionUplift ofconfidenceIdentitystatementGiftSignalingsocial statusChinese Gen Z’s main reasons for purchasing luxuryEsteem-related reasonsSelf-fulfillmentpurpose5For Millennial and Gen Z consumers, customization is not just a nice option, but amust-have, since customization allows them to express cultural identity.Therefore, it is an important driver of purchase.In the eyes of modern Chinese, luxury has become an experience, not a productAs luxury transforms into a method of self-care, the key elements of China’s new concept of luxury become experience, innovation,customization and cultural sensitivity. Chinese consumers want more than just a product, they want an immersive luxury experience.© 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED Source: Luxe.co x Peacebird, N= 3,00010%11%12%18%20%Smart experienceArt exhibitionCoffee/snacksStyling serviceCustomizationWhat additional service would you like to have in physical stores?Young consumers crave a digital experienceNew technologies and the integration ofoffline and online elements have become keyfeatures of China’s new concept of luxury:young Chinese consumers do not want just toenjoy luxury experiences, they want to be ableto share them on social media.According to BCG, experiential luxurygrew by 9% in China in 2017, imposingitself as one of the main drivers of growthof the luxury industry.NowadaysyoungChin