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Chinese shoppers have been dominating the luxury goods industry lately. These luxuries were previously exclusive to China’s socialites, but are now a commodity donned by those of all social classes. It was not always like this though; two years ago, the purchases of luxury goods dropped by 2% after Chinese consumers became weary after government crackdowns and new regulations. As the Chinese economy has risen, so has the amount of luxury goods being purchased. According to The Wall Street Journal, consumers were slightly older and less attuned to fashion trends. They also did not have as much disposable income to spend on luxury goods.
As of today, Chinese consumers have certainly resurged in purchasing luxury items, so much that China has risen to the top, taking place as the world’s largest consumer. According to The Wall Street Journal, “Analysts said the pickup in spending could even accelerate this year. ” Technology also plays a part in why luxury goods have been doing so well in terms of sales. With an increase of technology in Chinese consumers, more people spend time looking at the profiles and pictures of those in their luxurious lives. This creates a want for luxury goods and creates sales, perpetuating a pricey cycle.
There are a number of reasons as to why Chinese luxury consumers are resurging. For one, many Chinese millennials have an increased amount of disposable income because they were born after China’s one-child policy ended in the late seventies. In my local shopping center, managers are requiring that prospective employees are able to speak Mandarin. This is because of the influx of Chinese immigrants in Nassau County. “Nassau attracted 40, 000 more Asians between 2000 and 2010, a 62 percent jump. ”In order to attract Chinese consumers, luxury-goods brands need to have employees that speak Asian languages, like Mandarin and other major category dialects. As far as products, luxury brands should focus on what products currently do well with the target market. After, their marketing teams can cater to designers and continue to create products that will appeal to Chinese consumers. In terms of retail strategy, brands can make shopping a more seamless experience by participating in omnichannel retailing.
An ever-increasing presence of technology will help drive sales by making their products available on multiple platforms. Brands can assure consumers that no matter when or where, their products are available. In addition, 24/7 access to a concierge would serve luxury brand consumers well. With current fashion trends in mind, Chinese consumers purchase a lot of stylish products involving logos. This trend is known as logomania. Today, Chinese millennials can be seen in labels like Off White, Supreme, Gucci and Fendi. These brands are the top sellers in the high-end fashion industry and their logos can be seen almost everywhere. While these trendy logos do well with Chinese consumers, timeless styles do just as well. Many of these consumers indulge in Parisian products like Louis Vuitton, Celine, and Hermès, who has seen the biggest increase in sales in recorded history, thanks to Chinese consumers.
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