Why Chinese luxury consumption continues to surge
Category : News
A study by research and consulting company Agility Research & Strategy shows Chinese luxury consumption continues to be a highly lucrative market segment, representing business for brands all over the globe.
The study shows that all Chinese E-commerce shoppers are having some form of investment apart from real estate, and 51% having investments worth at least US$ 300,000. The top investment is fixed deposits:
This figure demonstrates how Chinese E-Commerce shopper values quality, exclusivity and uniqueness, but also cautious.
Chinese e-commerce shoppers are customers of both online retailers and brand websites:
Chinese shoppers prefer to receive their product information and advertising through different channels for various types of purchases:
Chinese E-Commerce Shoppers love their globally renowned branded goods, but prefer their financial services to be all local:
The study administered online among 1500 (equally distributed) affluent respondents in 5 countries – China, Hong Kong, Singapore, Indonesia and the US.
The research team drops three tips to better manage e-commerce:
1. Understand where your shoppers are.
Brands that are not doing well in China may be interested in selling their products with the popular retail sites, or appearing on the hot branded sites via brand collaborations. An alternative may also be to buy advertising space on the preferred sites.
2. Understand how to reach your shoppers.
It is necessary to utilise the channels potential buyers pay attention to, a poor fit translates to lack of response and a waste of advertising dollars.
3. Understand the tastes of your shoppers.
Brands that do not make the list may choose to evaluate and fine tune marketing efforts based on the successes of favoured brands.