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Everything You Need to Know About China's Luxury Market in 2024 With China's cautious consumers keeping a close eye on their wallets, how can luxury brands stay alive in today's ultra-competitive market? Daxue Consulting and VO2 GROUP recently released a can't miss report, "China's Luxury Market in 2024," that covers the top luxury trends in China. Basically, it's a luxury brand's "survival guide." Here's a peek at what you'll find inside: ✅Personalized Shopping Experiences: Luxury brands in China are focusing on creating personalized shopping experiences through features like product customization, private consultations, personalized recommendations, loyalty programs, exclusive discounts, and personalized styling services to cater to the unique preferences of high-end clientele. ✅ Customer-Centric Approach: Luxury brands are adopting a customer-centric approach to navigate evolving preferences and foster loyalty through personalized interactions, ensuring long-term relevance in the dynamic Chinese market. ✅Omnichannel Strategies: Luxury brands are embracing omnichannel strategies to provide a seamless shopping experience across various touchpoints, allowing customers to schedule appointments, pre-order items, find products in-store, and personalize items through services like e-reservations, delivery options, and bespoke product customization. ✅ Local Market Adaptation: Luxury brands are adapting to local requirements in China by establishing partnerships, leveraging alternative channels like WeChat, RED, and Douyin, and implementing data localization strategies to address variations in channel distribution and comply with local regulations. Check out the full report below 👇 #China #Luxury #ChinaMarketing #Retail #ChinaBusiness Facing challenges in China? We’d love to answer your questions. Schedule a call with us at schedule@kungfudata.com. Or simply DM me and I'll connect you to the right folks.

The bags and accessories Asia market has experienced a significant rise in brand launches and business contributions from 2020 to 2024. Here’s an overview: E-commerce Boom: The shift to online shopping accelerated by the COVID-19 pandemic led to a surge in new brand launches on digital platforms. Many startups and established brands expanded their online presence, resulting in a 25% increase in new brands entering the market compared to the previous five-year period. Sustainability and Ethical Fashion: The growing consumer demand for sustainable and ethically produced goods has driven a 30% increase in brands focusing on eco-friendly materials and production methods. Customization and Personalization: Customization trends have prompted a rise in niche brands offering personalized products, contributing to a 20% increase in new brand entries targeting this segment. Technological Integration: The popularity of smart accessories led to a 15% increase in brand launches incorporating technology such as GPS tracking and integrated charging ports. Luxury Segment Growth: The rebound in the luxury segment post-pandemic saw a 10% rise in new luxury brands and collections launched by existing luxury houses. Collaborations and Limited Editions: Collaborative efforts between fashion brands and influencers resulted in a 12% increase in new limited edition lines, driving brand differentiation and exclusivity. Market Size and Growth: The global bags and accessories market is projected to grow at a CAGR of 6.5% from 2020 to 2024, reaching an estimated market size of $85 billion by 2024. Revenue Contributions: Established brands continue to hold the majority share at 65%, but new entrants and niche brands are making notable contributions, accounting for 35% of the market share, up from 25% in the previous period. Innovation and R&D: Investment in research and development has increased by 18%, leading to innovative products and a 22% increase in consumer spending on new product categories. Retail Strategies: Omnichannel strategies have become more prominent, with 40% of brands integrating online and offline channels effectively, contributing to a 28% increase in overall sales. Regional Contributions: The Asia-Pacific region, especially China and India, has seen a 40% increase in market demand, contributing to 45% of the global market growth. Key factors include sustainability, e-commerce, technological integration, and consumer-centric strategies, driving market expansion and diversification, and enhancing overall industry growth. #BagsAndAccessories #MarketGrowth #BrandLaunches #Ecommerce #Sustainability #LuxuryFashion #Collaborations #RetailTrends #MarketTrends #FashionIndustry #BusinessGrowth #AsiaPacificMarket

At the recent Retail Asia Awards 2024, LUXASIA was recognised as the Luxury Beauty Retailer of the Year in Malaysia, Thailand and Vietnam. Despite the challenging economic conditions across Southeast Asia, our teams have successfully turned the tide to outgrow the respective markets by numerous folds. Through our efforts as #OneTeam, we have expanded the regional footprint of our luxury niche omni-retail concept, escentials, forged more brand partnerships, diversified our portfolio into new categories while launching multiple brand boutiques in leading retail destinations. Read more in the article below. https://lnkd.in/dxcAQ3mB #retailasiaawards #luxasia #asiapacificomnileader #makingadifference #drivebrands #developtalents #delightconsumers #retail #ecommerce #distribution #consumer #analytics #asiapacific #brandbuilder  #omnichannel #talents #beauty #luxury #malaysia #thailand #vietnam

  The Chinese market is projected to account for 35-40 per cent of the global luxury goods market by 2030, according to Bain & Company. Despite the obvious challenges of the past couple of years, the market is showing increasing resilience and from talking to execs over the past few weeks, it remains a top priority to continue to develop further. Bigger stores and increased localised marketing initiatives have seen domestic spending grow, with stronger appetite among the younger generation, and a shift towards sustainable and ethical goods.   Critically 60% of China’s population is below thirty years of age and in 2022, accounted for €210bn in the personal luxury market. Accordingly, brands are ensuring they exist where customers buy and the recent LVMH and Alibaba Group announcement to extend their partnership leveraging AI-powered innovations in retail and on-line through Tmall is exactly that. Stephane Bianchi, Group Managing Director of LVMH, said: “Alibaba is already a key partner for our Maisons and for the Group. The reinforcement of our partnership will help us to further accelerate our omni-channel business growth, and to keep on leveraging the transformative capabilities of cloud and AI technologies, along with Alibaba’s world-leading expertise in ecommerce operations. Our forward-looking collaboration will deliver unparalleled experiences to our clients throughout their high-end shopping journey.” You have to admire the absolute relentless way LVMH conduct their business. Partner with the best and double-down on market opportunities, especially at a time when rival Kering is publicly struggling. There is zero resting on their laurels and the appetite to innovate is significant - Nike could learn a lesson here. The capabilities of this partnership with Alibaba Group will give LVMH access to gains access to the e-commerce giant’s cutting-edge cloud and AI capabilities. Tiffany & Co. and CHAUMET are the latest of the thirty LVMH Maisons who are partnering with Tmall Luxury Pavilion to leverage Alibaba Group’s digital capabilities for engaging experiences such as 3D product displays, virtual try-on, and livestreaming. The deal deepens their omni-channel capabilities including digital recreation of renowned luxury venues, product debuts, membership programs, and personalized consultations. This is a long-term play. China has always rewarded longevity and LVMH’s continued investment now, will pay back handsomely. Whilst the consumer spending in China is down, there are strong signs of the return of confidence making this investment even more timely. DHR Global #luxury #fashiontech

Everything You Need to Know About China's Luxury Market in 2024 With China's cautious consumers keeping a close eye on their wallets, how can luxury brands stay alive in today's ultra-competitive market? Daxue Consulting and VO2 GROUP recently released a can't miss report, "China's Luxury Market in 2024," that covers the top luxury trends in China. Basically, it's a luxury brand's "survival guide." Here's a peek at what you'll find inside: ✅Personalized Shopping Experiences: Luxury brands in China are focusing on creating personalized shopping experiences through features like product customization, private consultations, personalized recommendations, loyalty programs, exclusive discounts, and personalized styling services to cater to the unique preferences of high-end clientele. ✅ Customer-Centric Approach: Luxury brands are adopting a customer-centric approach to navigate evolving preferences and foster loyalty through personalized interactions, ensuring long-term relevance in the dynamic Chinese market. ✅Omnichannel Strategies: Luxury brands are embracing omnichannel strategies to provide a seamless shopping experience across various touchpoints, allowing customers to schedule appointments, pre-order items, find products in-store, and personalize items through services like e-reservations, delivery options, and bespoke product customization. ✅ Local Market Adaptation: Luxury brands are adapting to local requirements in China by establishing partnerships, leveraging alternative channels like WeChat, RED, and Douyin, and implementing data localization strategies to address variations in channel distribution and comply with local regulations. Check out the full report below 👇 #China #Luxury #ChinaMarketing #Retail #ChinaBusiness

Double 11 (双十一), also known as Single’s Day, is China’s biggest shopping festival of the year. Though the event has yet to take serious flight in New Zealand (although our ‘Black Friday’ is similar), NZ exporters and brands understand the nature and scale of this event in China. Forbes recently published an article which examines the growth and changes in this year’s sales in China. Whilst it focuses mainly on the performance of luxury brands, there are still some useful takeaways: (1) Resilience in China’s consumer sentiment - Despite China’s worrying economic indicators in some areas, this year’s Double 11 saw large e-commerce platforms experience sales growth, showcasing the resilience and optimism of Chinese consumer sentiment.  Not all platforms released their figures (perhaps indicating that some did better than others), but reported increases in the total value of merchandise sold (GMV) ranged from 20% to 380%. (2) Reaching the consumer - The integration of AI, live-streaming on ‘social commerce’ channels, and an emphasis on brand value were all strategies used by platforms to boost sales.   (3) Local is in - Domestic brands performed well against foreign brands, one example being C-beauty taking the top spot in skincare over brands such as L’Oreal, Lancome and Estee Lauder. (4) Careful consumption - While there has been a lot of discussion around careful and rational consumption, the 2023 sale figures from luxury brands indicate a willingness from Chinese citizens to purchase high-priced items, emphasising the importance of value for money,  even if they have to pursue ultra-low prices on essential items to save the money to do so. #double11 #singlesday #ecommerce #chinamarket #marketinsights #gmv #nzchina #local #consumers #carefulconsumption #brandstrategy #luxurybrands Alistair Crozier, Summer Xia Link: https://rb.gy/z1150s 

The trends seen in China's diamond market are reflective of those seen around the world as self-fulfillment, omnichannel engagement, personal branding and innovative marketing all come to the fore. Here are the keys trends which we think speak to the wider market too: 🧔 The power of individualism - there is no 'one-size-fits-all' in any field 🏛 Incorporating culture - products must speak to location and experience to enhance appeal 🌳 Ethics and sustainability - in the luxury sector this should really be a right to play 📲 Digital engagement - reach your consumers where they are 🌟 Be innovative - think outside the box on use of space, whether that is in a physical or digital realm #luxury #diamond #evolution

China’s luxury market is booming! With a growing middle class and a surge in demand from lower-tier cities, the landscape is rapidly evolving. Key trends include increased digital and social media engagement, a shift towards fashion and jewelry, and the need for cultural insight and localized marketing for brands. Insights from Beijing, Hong Kong, and Southeast Asia Beijing: Periodicals in Beijing report that digital and social media platforms like WeChat and Weibo are essential for luxury brands to engage with Chinese consumers. The integration of e-commerce features within these platforms allows for seamless shopping experiences that align with consumer preferences. Hong Kong: In Hong Kong, luxury brands are focusing on creating personalized shopping experiences. South China Morning Post highlights the importance of virtual consultations and bespoke services, which resonate well with affluent customers seeking exclusivity and personalized attention. Southeast Asia: Online authorities in Southeast Asia emphasize the importance of localized marketing strategies. According to a report by the Bangkok Post, understanding local cultural nuances and consumer behavior is crucial for international brands to succeed in this diverse and rapidly growing market. Expert Opinions from China Retail & LinkedIn: Linda Liu, a retail analyst from Shanghai, mentions that "Brands must leverage live-streaming and influencer collaborations to capture the attention of young Chinese consumers. The dynamic nature of social media in China requires brands to be agile and innovative." Chen Wang, an e-commerce strategist in Beijing, notes, "Localization is key. Brands that understand and incorporate Chinese culture into their marketing strategies see significantly higher engagement and loyalty." iResearch China highlights that luxury brands like Louis Vuitton and Chanel have successfully integrated their online and offline channels, creating a seamless shopping experience that caters to the sophisticated tastes of China Daily reports that there is a growing trend towards sustainability in luxury fashion. Brands that emphasize eco-friendly practices and products are gaining favor among Chinese consumers, who are becoming more environmentally conscious. Key Strategies for Success Enhanced Online Experience: Utilize augmented reality and virtual try-ons to create immersive shopping experiences. Personalization: Offer virtual consultations and custom design services for a tailored shopping experience. Localized Content: Tailor online content to meet local tastes and preferences to succeed in diverse markets. International brands must adapt to these changes to capture the immense opportunities in China. #DigitalMarketing #LuxuryBrands #MarketTrends #GlobalBusiness #ConsumerBehavior #MarketingStrategy

The luxury industry is constantly having to adapt to China's ever-changing retail landscape. During WWD's recent CEO Summit in Shanghai, panelists discussed everything from heightened customer expectations to the innovation required for brands and retailers to stay ahead of the curve. At FARFETCH Platform Solutions, our partners at CURIOSITYCHINA by FARFETCH are on the pulse of these evolving trends. From data-led insights to market-specific solutions, their consultancy provides luxury retailers with the tools they need to thrive in an increasingly competitive Chinese retail industry. Read more takeaways in WWD here: https://lnkd.in/e7cY7JFu

With China’s consumer confidence in 2024 still taking hits, the recovery of luxury goods consumption has proven to be volatile. Some brands like Miu Miu achieved stratospheric growth as of recent, while some heritage brands, have suffered. Strategic product lines, revamped media campaigns, and consumer sentiment have all played a part in the success of some brands more than others. As social media impact is key to brand performance in China, Re-Hub’s quarterly Compass Index provides a barometer of impact and consumer noise. Here is our latest coverage with supporting data as Q2 has come to a close: