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 […]
Little emperors: A glimpse into China’s luxury childrenswear market
According to a report jointly released by Bain & Co. and the TMall Luxury Division, despite the COVID-19 pandemic, several luxury brands in China ended the year 2020 with a two- or three-digit growth rate. Considering these figures, nowadays Chinese consumers undoubtedly play a major role in the global luxury market and their importance is […]
China Paradigm 96: Creating opportunities through connections (关系）
Matthieu David interviews Guillaume Sergent, founder and CEO at Ailion Golf, a company that offers fashion solutions to golf enthusiasts in China. How did Guillaume get his company off the ground and what are Ailion’s marketing and brand strategies? Find out the answers to these questions and learn more about the possible opportunities through connections […]
Insights of the Decline of China’s Luxury Industry
The Impact of China’s Economy Slow Down As China’s economy slows down, the luxury industry is experiencing a slump. 2015 China Luxury Report from Daxue Consulting says that China’s luxury market has been declining in two consecutive years. Data shows that China’s luxury market size in 2015 was 113 billion yuan, dropping by 2% from […]