China's market for luxury goods dominated by under-30s
ERJ staff report (DS)
Beijing - China's market for luxury goods is dominated by wealthy
individuals born since 1980, according to a new report. The 2011 China
Luxury Forecast, launched by Ruder Finn Asia said “this group is
significantly younger than their counterparts in western nations or
even nearby Japan, and are ready to stretch their pockets to buy luxury
products.â€|
The report says, “China's 'Post 80s' luxury buyers have clearly
shown their preference for well established luxury brands. Well
established brands such as Cartier, Omega, Rolex, Chanel, Louis Vuitton
and Gucci stand on top of their wish lists, with the origin and history
of a brand as the most important criteria they consider. Relying on
'trusted' brands, the young consumers lacked interest in 'knowing more
about other international brands', posing a new challenge for brands
which are late comers to the Chinese luxury market.. Newly introduced
brands will have a much tougher time cracking the market than their
predecessors.
The report adds, “The Internet is changing the world -- and with it,
the luxury industry. While points of sale and brands' official websites
remain the most preferred sources of information, vertical websites and
news portals ranked second and third respectively, in online
information sources, showing there is a strong need for brands to keep
their online messages up to date. And not surprisingly, micro-blogging
(weibo) is a rising star among luxury information channels, ranking No.
4 in information resources.â€
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Press release from Ruder Finn Asia
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