News: China's Luxury Consumers

November 13, 2017

As the Chinese luxury market matures, meeting consumers' changing needs is becoming more complicated. According to a Skift article, a new study by Bain & Company found that the priorities of the Chinese luxury market are quickly shifting.

 

The article states that there are three key factors responsible for the change:

 

china luxury - 1

  1. Overexposure to Luxury. With many luxury brands heavily investing in China, their presence went from being a novelty to becoming the norm. This has caused consumers to desire something new.
  2. Digital and Mobile Proliferation. The majority of Chinese consumers get their buying information online or through mobile apps.
  3. Shift to Experiential. Chinese consumers have begun shifting from purchasing luxury goods to purchasing luxury experiences, like lavish vacations.

 

It was previously common to see Chinese consumers purchasing anything and everything stamped with a luxury label. However, they are now becoming more discerning with their purchases and opting to spend money on art and travel.

 

There is also a growing trend of Chinese consumers preferring to buy luxury products in their home market, due mostly to lower prices. However, the wealthiest Chinese consumers still frequently travel abroad for shopping experiences.

 

The Bain & Company report highlighted new consumer groups in China companies should pay attention to: working women, the growing urban middle class (many of whom live in second and third-tier cities) and millennials. Chinese luxury consumers are educated travelers, tech-savvy and are younger than their European and American counterparts.

To read more, please see: The Changing Habits of the Chinese Luxury Consumer.

Further Resources on Language, Culture and Global Business

 

Globalization Partners International (GPI) has extensive experience localizing marketing materials, technical documents, and large, scalable websites. We have previously posted a number of useful guides for best practices in this area. Feel free to review our blogs that are particularly relevant:

 

 

Please feel free to contact GPI at info@globalizationpartners.com with any questions about our language and technology services. Also let us know if you have any interesting blog topics you would like us to cover in our future blogs.  You may request a complimentary Translation Quote for your projects.

Category:
Country Specific
Tags:
China, Chinese luxury market

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Peter has over 18 years’ experience in business development within the localization industry supporting clients for documentation, software and website globalization services. He started his career in the translation industry in 1995 and over the years has worked for several leading localization service providers including LMI, Berlitz, Welocalize, GPI and Beyondsoft. Throughout his career Peter has led by example and always put his clients’ needs first to ensure client expectations are understood and successfully met. Over the years Peter has trained extensively in Solution Selling, Action Selling and Localization Sales, Testing and Project Management. Peter handles many of GPI’s global accounts helping educate clients on GPI’s comprehensive suite of globalization services and industry best practices.