Luxury brands collaborate with Chinese artists and museums to connect with local consumers
In the last few years, a significant number of luxury brands has collaborated with Chinese contemporary artists and museums. More and more luxury brands have realized that their partnerships with the art world can have a strong marketing power. Here we are going to discuss several reasons for luxury brands to collaborate with Chinese artists […]
Chinese luxury consumers: Low-spending Millennials living in higher-tier cities are the main luxury buyers in China
Despite growing global social and economic challenges, Chinese luxury market has developed rapidly in recent years. According to the Bain-Altagamma Luxury Goods Worldwide Market Study, the luxury goods market in China (excluding Hong Kong, Macao, and Taiwan) continued to enjoy double-digit growth in 2021, with some brands growing at over 70%. Due to frequent lockdowns […]
How wealthy Chinese spend their holidays: New trends shaping China’s luxury travel market
Due to the pandemic and the continuous lockdowns in China, China’s travel market, especially China’s luxury travel market has faced big challenges. In 2019, China’s domestic tourism revenue reached 5.73 trillion yuan. However, in 2020, the COVID-19 pandemic caused revenue to plummet by 61%. Although looking more optimistic, China’s domestic tourism revenue in 2021 stopped […]
What happens when luxury fashion brands tap into the F&B industry in China
Luxury brands are venturing outside of their core market segment, especially when it comes to Asia. Beyond expanding into fashion-related sectors, such as beauty and jewelry, several luxury fashion brands decided to tap into the F&B industry. In 2015, Gucci made the move to open a restaurant called “1921 Gucci Café” in Shanghai’s luxury shopping […]
China’s luxury leather goods market remains resilient despite the pandemic
Chinese consumers were reported to spend 741 billion RMB on luxury goods in 2021, recording an increase of 36% compared to the previous year. Despite the impact of Covid-19, China’s luxury market has witnessed continuous growth. According to Bain & Company, China’s luxury market accounted for 21% of the global market in 2021, and it […]
No longer “Made-in-China”: The Rise of Chinese Designer Brands and “Guochao” Originality
In September 2021, Chinese designer Rui Zhou was awarded the LVMH Karl Lagerfeld Special Jury Prize. As one of the only three recipients, Zhou directs the spotlight on the emerging young designers in China. In recent years, Chinese designer brands are gaining domestic and international popularity. Young, independent Chinese designers challenge the “Made in China” […]
China’s Diamond Market: lab diamonds are a girl’s (and guy’s) best friend
China’s diamond market has been the world’s second largest for over a decade. In particular, statistics from the Gems & Jewelry Trade Association of China reveal that the diamond jewelry market reached approximately 79 billion RMB in 2021. DeBeers Diamond Insight Report 2019 reveals that in China, love-related occasions account for 58% of the value […]
Walking the cyberspace: How luxury brands can leverage the metaverse and NFTs to win over China
The emergence of new technologies, such as the metaverse and NFTs, is untapping a plethora of new opportunities, and luxury brands look willing to utilize such new tools to connect with Chinese tech-savvy young consumers. As the physical world intertwines with the virtual reality, “Metaverse” has never appeared in the public eye with such a […]
The dawn of a new era for Chinese luxury brands: 5 hypotheses on the future of luxury in China
The luxury market in China is poised to become the largest in the world. According to McKinsey, China will contribute to 41% of global luxury consumption by 2025. Although there are numerous well-renowned foreign brands, Chinese luxury brands like DUANMU and Shangxia, have been gaining momentum over the past few years. If foreign brands do […]
Unpacking the challenges of the secondhand clothing market in China
In China, an estimated 26 million tons of clothes are thrown away every year, whereas less than 1% of that amount is reused or recycled. Due to association with poverty and the concept of mianzi (面子), many Chinese people are unwilling to buy and wear secondhand clothing, leading to mass production and waste accumulation in […]