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luxury - Page 4

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    [Figure You Should Know] – 630 M[#economy #promiseconsulting @printempsetudes]

    According to McKinsey (March 2014), by 2022, middle class in China will change considerably, mainly geographically.

    Tier 1 cities (Beijing, Shanghai, Guangzhou, Shenzhen) might see their share of urban middle class decline (from 40% in 2002 to 16% in 2022) while it should be rising in tier 2 and tier 3 cities (for the latter, from 15% to 31%). This middle class could reach up to 630 million people in 2022, which is accounting for around half of the population in China, thus making China a middle class country.

    Since they are now spreading, brands looking for customers will have to focus more on tier 2 and tier 3 cities and especially on middle class customers.

    Source: Mc Kinsey

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    Chinese travel spending shifts from Hard Luxury to Premium Necessities [#luxury #necessities #china #tourism]

    FROM THE JING DAILY - APRIL, 20, 2016 - JENIIFER JAPP

    Recent consumer surveys show that Chinese shoppers are more focused on premium everyday necessities, which is influencing how they make purchasing decisions abroad. A survey conducted by the FTConfidential Research unit at the Financial Times found that Chinese shoppers are more likely to avoid discretionary spending, especially when it comes to high-end fashion accessories like handbags, jewelry, and watches. This marks what the FT calls an “upheaval” in consumer spending patterns overseas, which is happening in tandem with changing habits at home.

    According to an article published in FT last month, there was “a 10.2 per cent year-on-year growth in retail sales in the first two months of the year, down from a full-year 10.7 per cent in 2015 and 12 per cent in 2014.” Their survey asked 1,318 overseas Chinese tourists about their spending habits, and while they reported “they were less likely than previously to buy big-ticket items such as luxury handbags, jewelry and watches while traveling abroad,” they expressed interest in spending on cosmetics, clothing, electronics, and souvenirs, similar to results from a year before.

    FT’s explanation for the reduced discretionary spending on high-end items like jewelry, watches, and handbags abroad is, in part, the rising reliance on cross-border e-commerce coupled with the fact that domestic prices for these goods are not as high as before. But the playing field is ever-changing—tax hikes on cross-border e-commerce announced early this month have thrown luxury industry professionals and shoppers for a loop.

    Still, when Chinese shop abroad, they are increasingly focused on a different type of shopping spree. This includes an emphasis on looking for homegrown luxury brands, such as Coach in the United States, according to a recent survey. But with a bigger focus on health and quality products domestically, Chinese shoppers are also searching out more premium everyday necessities that are difficult to come by at home, and some of these shopping patterns are also molded by the latest safety concerns and unmet demands for new lifestyle trends.

    After Chinese New Year, Xinhua reported on some of the most coveted items for Chinese consumers, broken down according to the various regions they were traveling to. To mitigate safety concerns, Chinese shoppers were buying items like high-end rice and sanitary pads in Japan—many consumers don’t trust the ones at home, as reports surfaced two years ago that some pads made in China contained a chemical that causes cancer. Chinese shoppers also bought condoms manufactured by the leading Japanese brand Okamoto, dodging the fakes pervading the market in China.

    Meanwhile, Chinese consumers are seeking out products that will meet heightened standards for health and wellness, like protein powder from the United States. The Wall Street Journal said GNC’s sales rose almost 43 percent last year as an interest in hitting the gym swept Chinese shoppers. Chinese consumers are also buying more electric toothbrushes—a favorite purchase in Europe according to the Xinhua survey—and taking advantage of access to basic over-the-counter health care products like painkillers and vitamins in Japan. In Australia, a Chinese firm acquired supplement maker Swisse Wellness in part due to huge demand from overseas Chinese travelers.

    These shifting shopping strategies are propelled by a group of outbound tourists whose spending outside of China is quickly rising (they spent $215 billion last year, up from $140 billion the year before), and overseas brands are clearly taking note.

    [READ THE FULL ARTICLE]

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    [Figure You Should Know] – 50 years old [#ecommerce #luxury #promiseconsulting @printempsetudes]

    Chinese consumers in the age group of 50 (or above) tend to make less online purchases than any of the other age groups. We can assume they are not technology-driven users, though it is actually not the case.

    According to a report by KPMG (2015), Chinese consumers over 50 years old are barely buying products online, even though 45% of them are quite well-off (RMB 50 000 and higher). Furthermore, 73% of them seems to never purchase products online.

    However, they are more likely to make online purchases of services such as hotel reservations (47%), restaurant bookings (35%) or domestic trips (32%), which shows that they are still quite a good niche.

    KPMG highlights an issue on that matter: older generations are overlooked by brands in their marketing strategy, although they might be a meaningful niche, especially regarding services.

    Source : KPMG

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    #Watch: Louis Vuitton’s Chinese Documentary Series Stars Liu Wen and Fashion ‘Muses’ [#LouisVuitton#LiuWen]

    March 2, 2016, JING DAILY

    liu wen, louis vuitton, china, luxury, watch

     

    In an industry where fashion and art often collide, it’s hard not to think of Louis Vuitton. The brand has been busy blazing trails in this way in the last few years, opening an art museum outside of Paris in 2014 that would eventually lead to a collaboration with Beijing-based Ullens Center for Contemporary Art for an exhibition of Chinese contemporary artists. Art&Business magazine called the brand’s “love affair” with art one of the most “amorous,” highlighting the fact that over the years, Louis Vuitton has had partnerships with artists from around the world in exchange for using designs in its collection.

    It should come as no surprise, then, that Louis Vuitton has sponsored a five-part documentary series on China’s CCTV9 that stars women who have been key figures on the international stage of fine arts. Titled in Chinese Journey of a Muse and Craft a Destiny in English, each episode of the series follows a different woman on the road to self-discovery. These include Chinese supermodel Liu Wen; Karen Blixen, the Danish author best known for the novel Out of Africa about her life in Kenya; Yayoi Kusama, a contemporary artist and writer from Japan; Song Huaigui, a pioneer in the Chinese fashion industry who played a huge part in bringing Pierre Cardin to China for a runway show in 1979; and Dadawa, a contemporary Chinese musician who has earned global recognition as well as an MTV award for her work.

    Some of these leading ladies have been involved with the Louis Vuitton brand in some shape or form. Yayoi Kusama took her signature bold spots and applied them to a playful collaboration with the French fashion house in 2012. Karen Blixen was a known fan of bringing along Louis Vuitton luggage on her iconic journey. And Liu Wen has modeled for the brand on multiple occasions, most notably in 2013 for a scarf capsule collection featuring colorful designs by renowned street artists.

    [READ THE FULL ARTICLE ONLINE]

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    [Figure You Should Know] – 1st tier [#brands #luxury #promiseconsulting @printempsetudes]

    First-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen (“The Big Four”), are defined by their economic development, number of inhabitants, industries and well-known brands settled in and per capita Gross Domestic Product, among other factors.

    This classification is quite handy to luxury brands, as they will settle in first-tier cities to win over potential luxury clients. A report by Accenture (2013) has shown that consumers from these cities tend to buy expensive brands more than those from second and third-tier cities, whom are satisfied with products worth 1000 yuan or less. Finally, they are more demanding regarding the quality of the product, its authenticity and uniqueness.

    However, this trend is beginning to turn around, as bigger brands are getting interested in second and third-tier cities. Their consumers are looking for conspicuous logos and products worn by celebrities whereas they are less knowledgeable on that subject than consumers from first-tier cities, which may give an opportunity to luxury brands on creating a new fashion image.

     

    Source : Accenture - JingDaily

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    [Figure You Should Know] – 30% [#retail #brands #luxury #promiseconsulting @printempsetudes]

    Shopping is one of the main reason of travelling for wealthy Chinese consumers. Luxury goods bought overseas are either purchased for personal use, either for gifting, even though the latter is not as popular as it was two years ago, declining for 30% in two years. As a matter of fact, according to a survey by Hurun (2015), 82% of “super travelers” are shopping on their behalf.

    Xi Jinping’s anti-corruption policies had a negative impact on the luxury goods market in China, which is why gifting products from brands of high value that were used as bribes aren’t as common as they were before. Since it is strictly forbidden and is applied inside China, wealthy Chinese consumers are now shopping abroad especially for personal use.

    Source: Hurun Report - Financial Times

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    [Figure You Should Know] - $253 Billions [#luxury #expenditures #world #promiseconsulting @BainAlerts]

    This is the amount associated to the worldwide personal luxury goods market for the last year and estimated by Bain & Co. It was expected to grow – from 2014 to 2015 – only at 1 to 2 % at constant exchange rates and 13% at current exchange rates. This market should weigh for 24% of the total amount accounted of 1 044 billions €.

    Personal luxury goods includes fashion, cosmetics and jewellery amongst others.

    Slowing down little by little over the years even though they are still among the top in this segment, China seems to suffer from this impact on its economy.

    Chinese’s preferences now went to a less materialistic way of living and are favoring traveling or spas, purchases that influences their well-being. Also, Chinese prefer to shop abroad, as the consumption tax and import tariff impede their spending and since they are willing to buy original and authentic goods that they are most likely to find outside their country.

    Source : Bain & Co, Global Luxury Report, 2015

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    The Changing Face of #Luxury #Retail

    Endri Hasanaj | Mar 25

    With the luxury ecommerce market set to reach $41.8 billion by 2019, navigating the online space is becoming increasingly crucial for high-end retailers. Whereas luxury brands have traditionally set themselves apart by creating an exclusive in-store experience, the significant shift to online over recent years has brought with it a new set of customer expectations. Luxury vendors now face the challenge of redefining their approach in order to stay relevant and ensure they continue to reach their target audience.

    Traditionally, luxury retail has thrived on brand loyalty; customers in the market for a high-end product would typically have a brand in mind and go directly to that particular store to make their purchase. A sale would be dependent not on price factors or product specs, but rather on a first-class in-store customer experience. However, the internet has made it easier than ever to run comprehensive product, price and vendor comparisons, meaning that today’s shoppers are not only extremely well-informed, but accustomed to choice.

    As highlighted by this Technavio report regarding the end of last year, this has led to a notable shift in luxury consumer patterns; high-end shoppers in the online sphere strongly favor a multi-brand environment over single-brand sites. Convenience is now a pivotal factor, and one that online marketplaces are evidently fulfilling more successfully than their uni-brand counterparts. Chrono24, for example, serves as a one-stop-shop for luxury watches, offering competitive pricing, convenient delivery and extensive brand diversity. A quick look at their range here – from Rolex to Cartier to Omega – shows that they are effectively eliminating the need to shop around for these brands individually.

    [READ THE FULL ARTICLE]

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    Winter in the #Hamptons: the hidden #poverty of New York’s luxury escape [#video]

    hamptons, winter, new-york, uhnwi

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    #Luxury #Stores Will Be Based on #Experience and #Design Flexibility

    In order for retailers to better understand the process of experience-first luxury design, co-founders Jeremy Bergstein and Dave Skaff outlined five steps for architects, designers and retail companies to create thought-out spaces from the onset of the build process:

    1- Consider the ‘New Retail Architecture’ – Physical architecture and digital architecture have to get to know each other. Enterprise technology influences almost every element of the modern customer experience. These systems are too critical to the core service the store delivers to ignore early on. You need to build on a strong foundation before you can architect any type of shoppable brand space.

    2- Think Beyond the Space – Customers are interacting with your brand inside and outside of store lease lines. Understand early on how your customers are engaging with the brand so you can enchant them and build experiences to meet them where they are.

    3- Leverage Historical Data – Don’t underestimate the power of data, and be prepared to make changes along the way. Data can inform everything from hyper-optimized regional store marketing and assortments to store displays, experiences and layout.

    4- Give Customers What They Want – Now that you know your customer, “architect” your space so guests will stay longer and give them an opportunity to have a personal moment with brand and product.

    5- Allow For Flexibility – Remember that key elements like flexible checkout and fulfillment are now table-stakes for a complete customer experience. Flexibility impacts physicality in an store environment.

    The Science Project (TSP) is a luxury retail design firm based in New York City. From Kate Spade to Perry Ellis and Barneys New York, they have continually pushed the boundaries of what truly defines “experience” in meaningful, well-thought-out ways that work across the digital, data and built environments and push the traditional boundaries of architecture.

    [READ THE FULL ARTICLE]