Microsoft Advertising recently shared research describing the spending habits and patterns of Chinese consumers in the luxury marketplace, providing valuable insight into the best possible strategies and products to entice buyers. The research focuses significantly on the many ways that the Internet affects luxury purchases and how brands may want to use it to their advantage. Here is what you need to know about the findings:
- Men are 44% more likely to purchase luxury goods than women are, and a large portion of their purchases is intended as gifts.
- Do not disregard the power of the Internet - 92% of Chinese consumers say that they learn about luxury goods online, 81% use online sources to make a decision about a purchase, and more than half of consumers use some form of Internet communication to let their peers know about their purchases.
- Shoppers with more refined taste tend to invest in luxury goods in order to be a part of a brand legacy, whereas those with more newly acquired wealth use the goods to demonstrate their belonging to a higher class.
- Microsoft Advertising suggests using online advertisements and endorsements to reach potential customers, as well as creating a brand’s own platform for communication between consumers.
- Microsoft Advertising also recommends interactive advertisements so that the customer can develop a relationship with brands.
Take a look at Microsoft’s helpful infographics below, which details the information above and provides more facts and figures related to the consumer identity and specific purchases.