Bain releases new luxury report

Bain releases new luxury report

Bain recently released their latest luxury study, with some updated numbers and new rankings of brand awareness in China.

Highlights include:

  • Chinese consumers continue to purchase more than 50% of luxury goods overseas, due to lower prices overseas, RMB appreciation and the impact of “face” when telling friends and colleagues that you bought a luxury item overseas
  • Watches, leather goods, womenswear and menswear were the fastest growing luxury segments
  • Brands are starting to slow the pace of store openings in China, in favor of improving existing store performance
  • In each luxury category, the top 5 brands are accounting for more than 50% of sales in that sector
  • Top three luxury brands in China continue to be Louis Vuitton, Chanel and Gucci
  • Brands with improving brand preferences include: Omega, Cartier, Dior, Tiffany, Hermes, Boss, Bvlgari and Bally
  • Gifting represents more tan 20% of sales
  • Brand landscape is changing, and their are signs of a slight softening in the market
  • Social media continues to grow, with social media being the number one source of online information on luxury brands
  • The e-commerce market continues to develop, but is still skewed to the discount/group buying portion of the market

Download the report here:

2011 Bain China Luxury Market Study

 

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