News: China's Luxury Consumers

November 13, 2017

As the Chinese luxury market matures, meeting consumers' changing needs is becoming more complicated. According to a Skift article, a new study by Bain & Company found that the priorities of the Chinese luxury market are quickly shifting.

 

The article states that there are three key factors responsible for the change:

 

china luxury - 1

  1. Overexposure to Luxury. With many luxury brands heavily investing in China, their presence went from being a novelty to becoming the norm. This has caused consumers to desire something new.
  2. Digital and Mobile Proliferation. The majority of Chinese consumers get their buying information online or through mobile apps.
  3. Shift to Experiential. Chinese consumers have begun shifting from purchasing luxury goods to purchasing luxury experiences, like lavish vacations.

 

It was previously common to see Chinese consumers purchasing anything and everything stamped with a luxury label. However, they are now becoming more discerning with their purchases and opting to spend money on art and travel.

 

There is also a growing trend of Chinese consumers preferring to buy luxury products in their home market, due mostly to lower prices. However, the wealthiest Chinese consumers still frequently travel abroad for shopping experiences.

 

The Bain & Company report highlighted new consumer groups in China companies should pay attention to: working women, the growing urban middle class (many of whom live in second and third-tier cities) and millennials. Chinese luxury consumers are educated travelers, tech-savvy and are younger than their European and American counterparts.

To read more, please see: The Changing Habits of the Chinese Luxury Consumer.

Further Resources on Language, Culture and Global Business

 

Globalization Partners International (GPI) has extensive experience localizing marketing materials, technical documents, and large, scalable websites. We have previously posted a number of useful guides for best practices in this area. Feel free to review our blogs that are particularly relevant:

 

 

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Category:
Country Specific
Tags:
China, Chinese luxury market

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Jade is a native Chinese speaker from Guangdong, China. She has a degree in English (Advanced Translation and Interpreting) from the Guangdong University of Foreign Studies. Her experience includes providing Chinese translations and consecutive interpretations for global clients and events in the fields of travel, hospitality, finance and investments. She has served as a journalist/writer for Media Most Publishing, a banking relationship manager at RAK Bank and has completed freelance content work for Dubai Tourism and Conde Nast Traveller. When she’s not working, she enjoys traveling, short excursions to other Emirates, swimming, watching movies and playing table tennis.