Luxury composite material market: an opportunity to not miss
According to research by Daxue Consulting, Chinese consumers generated 46 percent of the world’s turnover of luxury products. The consultant team carried out several projects in different segments of the luxury industry, such as fashion, cosmetics, jewelry, hospitality, design & manufacturing. Any business operating in the luxury segment should be aware of the market potential in the country. Daxue Consulting’s research has shown the number of millionaires in China has steadily increased, though with decreasing acceleration.Click here to start with six hints for a successful digital marketing strategy being a luxury brand in China.
One of our clients secures its success in the luxury composite materials industry in China
The client, a leading firm in the composite material sector, approached Daxue Consulting to collect data about the outdoor market size and competitive landscape in China, as well as to analyze the distribution potential in the luxury composite materials industry in China. Moreover, the client sought to gain insights into different perceptions and buying behavior towards the particular material.
It takes step after step to reach the ultimate outcome
As to meet the client’s objectives, Daxue Consulting prepared a comprehensive research project consisting of the following steps:
Starting with an extensive desk research enabled the research team to gain a general understanding of various aspects of the market, such as the structure, primary distribution channels, or key players and their strategy in the market.
As a second step, the consultants prepared and conducted in-depth interviews utilizing the “bottom-up”-approach, to complete, but also to cross-analyze the data gathered from the desk research. Mougenot explains the bottom-up approach helped the research team to calculate the number of the very bottom of the value chain, respectively consumers, up to retail stores and distributors.
Thus, Daxue Consulting organized face-to-face discussions with policy makers & public authorities, distributors, retailers, as well as experts in the luxury composite materials industry in China. The approach also supported the research team to determine, for instance, the competitive environment, the sales volume for each POS, the market share, as well as to estimate potential customers in the industry segment.
Also, Daxue Consulting executed mini focus groups to identify and analyze perceptions and usage of the client’s composite material in China within the different sectors, such as yachting, for instance. Therefore, the research team selected, screened, and trained suitable moderators and participants as to obtain the relevant data.
What’s more, the research team suggested, assisted, and observed the client’s participation in professional fairs in the luxury composite materials industry in China. Therefore, Daxue Consulting could gain essential insights into competitor’s strategies with regards to service, prices, promotions, as well as relevant information concerning regional differences.
Daxue Consulting delivered the most valuable insights
After cross-analyzing the data, Daxue Consulting summarized the findings in a comprehensive final report presenting a clear image of the market. It comprised the market size, a competitor analysis, usage knowhow, perceptions and buying behavior towards the composite material, as well as zone differences with regards to sectorial differences, and potential risks, and opportunities in the luxury composite materials industry in China. Mougenot added, “We advised the client with the optimal B2B2C – strategy route and highlighted the most suitable way to sensitize retail to promote the brand to consumers so that they ultimately know what they are buying”.