Goldman Sachs Luxury Analyst, William Hutchings, released a report detailing insights he discovered on a recent trip to China. Among his findings, was that store networks, social media and travel were the keys to luxury brand building in China.
Stores: Maison Martin Margiela, Marni and Alexander McQueen have all chosen Beijing for their largest global store.
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Hurun and Group M joined up to release this Chinese Millionaire report. Some great insights inside, including:
- The average age of the super rich (net worth > 100 million RMB) is 43 years. These super rich tend to own three properties, five luxury watches and four cars. There has been a surge of interest in drinking fine wines and collecting art, especially Chinese classical art.
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There have been a few recent articles taking a deeper look into China’s princelings which underscores some of the issues surrounding privacy for China’s wealthy.
Despite the cultural propensity to celebrate wealth, there are several situations where privacy and discretion are necessary for China’s wealthy:
- Government officials and their children typically seek to keep their wealth private due to political sensitivities.
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KPMG partnered with TNS to conduct research on the China luxury sector, and published an overwhelmingly positive look into China’s luxury sector.
Key findings include:
- Over half of respondents said they longed to buy luxury goods, even if they could not afford them at present.
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Do you know the equivalent price for each item in your stores around the world? Can you adjust for implications from currency exchange rates and country and local sales tax? Your Chinese tourist consumer does. And if you want to analyze shopping behavior and consumer preferences, you should too.
More than 50% of luxury purchases from Chinese consumers occur overseas.
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CLSA recently released a note detailing their thoughts on the consumer market in China, including some insights from Ogilvy and Mather’s Chief Knowledge Officer and China Luxury Network Advisor Sam Flemming from CIC Data.
Key highlights:
- 60% of China’s billionaires live outside of Beijing
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