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Consumer Attitudes towards Luxury - China - May 2017

“As more affordable luxury brands and items are available, the Chinese luxury market is performing well. Desire for luxurious experiences is on the rise, but the majority of Chinese consumers tend to treat luxury as a collective concept and are yet to recognise the unique brand value of different luxury brands.”
– Alina Ma, Senior Research Analyst

This report examines the following areas:

  • Evolvement of Chinese luxury consumers
  • Selling luxury to two genders
  • Targeting young luxury consumers
  • Being approachable is absolutely necessary

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Table of contents

  1. Overview

    • What you need to know
      • Covered in this report
      • Executive Summary

          • The consumer
            • Desire to buy luxury is obvious (especially luxurious experiences), while hard luxury may confront slow growth
              • Figure 1: Attitude towards luxury, luxury branded items and luxurious experiences, February 2017
              • Figure 2: Likelihood to purchase luxury products across categories, February 2017
            • Brand values are not fully acknowledged
              • Figure 3: Attitude towards affordable or discount luxury branded items, February 2017
              • Figure 4: Word cloud of luxury brands that consumers have bought in the last 18 months, February 2017
            • Majority buy luxury for small happiness and indulgence
              • Figure 5: Luxury purchase occasions, February 2017
              • Figure 6: Top 10 emotions associated with luxury purchase, February 2017
            • Purchase preferences: well-known brands and products that are classic, authentic and beautifully designed
              • Figure 7: Preferences towards luxury brands and products, February 2017
            • Four types of consumers
              • Figure 8: Consumer segmentation based on their attitudes towards life, February 2017
            • What we think
            • Issues and Insights

              • Evolvement of Chinese luxury consumers
                • The facts
                  • The implications
                    • Figure 9: Classification of luxury consumers and their needs
                  • Selling luxury to two genders
                    • The facts
                      • The implications
                        • Targeting young luxury consumers
                          • The facts
                            • The implications
                              • Being approachable is absolutely necessary
                                • The facts
                                  • The implications
                                  • The Consumer – What You Need to Know

                                    • Interest in different luxury categories is changing
                                      • Definition for ‘luxury’ has become loose
                                        • Emotion-driven marketing communications rule
                                        • Attitudes towards Luxury Category

                                          • Only half of Chinese consumers are determined to buy luxury
                                            • Figure 10: Attitude towards luxury category, February 2017
                                          • Increased luxury purchasing is part of the Chinese consumption upgrade trend, rather than increasing luxury knowledge
                                            • Figure 11: Proportion of luxury buyers and non-buyers, by consumers holding different opinions towards luxury products, February 2017
                                          • Top-tier luxury names are more desired with less showy items in demand
                                          • Luxury Consumers

                                            • Role of income in increasing luxury purchase
                                              • Figure 12: Comparison of the number of buyers of luxury branded items in 2016 and 2017, February 2017 and June 2016
                                              • Figure 13: Buyers of luxury branded items, by monthly personal income, February 2017
                                            • Chinese luxury market is driven by consumers aged 25-39
                                                • Figure 14: Buyers of luxury branded items, by age, February 2017 and June 2016
                                              • The shift of luxury brand buyers from young towards mature females
                                                • Figure 15: Buyers of luxury branded items, by age and gender, February 2017 and June 2016
                                              • Women generally drive luxury markets more than men
                                                • Figure 16: Buyers of luxury branded items, by gender, February 2017 and June 2016
                                              • Females aged 20-24 have a different view on luxury
                                                • Consumers from middle and western China buy fewer luxury items
                                                    • Figure 17: Buyers of luxury branded items, by region, February 2017
                                                • Likelihood to Purchase Luxury

                                                  • Hard luxury is giving way to casual luxury
                                                    • Figure 18: Likelihood to purchase luxury products across categories, February 2017
                                                  • Electronics, the new luxury
                                                    • Growing desire for luxurious lifestyle products
                                                      • Figure 19: Likelihood to purchase selective luxurious experiences, February 2017
                                                      • Figure 20: Interest in luxury branded products vs luxurious experiences, February 2017
                                                    • High earners have special desire for home improvement and collection
                                                      • Impact of demographic features on luxury category preferences
                                                      • Luxury Brands Purchase

                                                        • Luxury is not exclusive to top-tier brands
                                                          • Figure 21: Attitude towards luxury brand tier, February 2017
                                                        • Consumers are not yet experts in luxury classification
                                                          • Figure 22: Word cloud of luxury brands that consumers have bought in the last 18 months, February 2017
                                                        • Chanel stays on top
                                                          • Figure 23: Top 10 luxury brands that consumers have bought most recently in the last 18 months, February 2017
                                                        • Local luxury brands are rising driven by consumer desire for value-for-money products
                                                          • Brand preferences do exist across genders
                                                          • Luxury Purchase Occasions

                                                            • The main motivation to purchase luxury: pleasure and self-indulgences
                                                              • Figure 24: Luxury purchase occasions, February 2017
                                                            • Small items, as a causal token to my love
                                                              • Men and women buy luxury for different reasons
                                                                • Figure 25: Luxury purchase occasions, by gender, February 2017
                                                              • Higher earners have more special occasions for luxury
                                                                • Figure 26: Luxury purchase occasions, by monthly household income, February 2017
                                                            • Emotions Associated with Luxury

                                                              • Less about superiority, more about self-improvement and satisfaction
                                                                • Figure 27: Top 10 emotions associated with luxury purchase, February 2017
                                                              • High price does not have the closest relationship with luxury
                                                                • Use emotions to sell
                                                                  • Brand unique identity and exclusivity are somehow neglected
                                                                    • Marketing strategy needs to be adaptive to age differences
                                                                      • Figure 28: Different emotional association across ages, February 2017
                                                                    • Women want a pat on the back, while men seek status enhancer
                                                                      • Figure 29: Different emotional associations between men and women, February 2017
                                                                  • Luxury Purchase Trends

                                                                    • Most consumers prefer the widely-known luxury brands and products
                                                                      • Figure 30: Preferences towards luxury brands and products, February 2017
                                                                      • Figure 31: Preferences towards luxury brands and products, by luxury buyers and non-buyer, February 2017
                                                                    • Well-known and niche brand lovers buy luxury for different purposes
                                                                      • Figure 32: Differences of luxury purchase occasions between niche brand lovers and well-known brand lovers, February 2017
                                                                    • How to attract well-known and niche brand lovers?
                                                                      • Figure 33: Differences of luxury associations between niche brand lovers and well-known brand lovers, February 2017
                                                                      • Figure 34: Differences of luxury purchase beliefs between niche brand lovers and well-known brand lovers, February 2017
                                                                      • Figure 35: Differences of luxury purchase preferences between niche brand lovers and well-known brand lovers, February 2017
                                                                    • Increasing appreciation of product design and customisation
                                                                      • Figure 36: Preferences towards luxury features and customisation, February 2017
                                                                    • Seek smart ways to purchase luxury and a small number of consumers do consider replicas
                                                                      • Figure 37: Luxury purchase preferences, February 2017
                                                                      • Figure 38: Differences of luxury purchase occasions between two types of consumers, February 2017
                                                                    • Require more information and help during purchase
                                                                      • Figure 39: Luxury purchase decision-maker, February 2017
                                                                    • Online purchase is becoming a mainstream
                                                                      • Figure 40: Preferences towards luxury purchase channels, February 2017
                                                                  • Consumer Segmentation

                                                                    • Four types of consumers
                                                                      • Figure 41: Consumer segmentation based on their attitudes towards life, February 2017
                                                                    • Explorers (探索者): positive-minded consumers who tend to say yes to every idea
                                                                        • Figure 42: Agreement (including strongly agree and somewhat agree) on selected statements about financial management, by consumer segment, December 2016
                                                                        • Figure 43: Agreement (including strongly agree and somewhat agree) on selected statements about life priority, by consumer segment, December 2016
                                                                        • Figure 44: Likelihood to purchase luxury, by consumer segment, December 2016
                                                                        • Figure 45: Emotions associated with luxury purchase, by consumer segment, December 2016
                                                                        • Figure 46: Agreement (including strongly agree and somewhat agree) on selected statements about lifestyle, by consumer segment, December 2016
                                                                        • Figure 47: Agreement (including strongly agree and somewhat agree) on selected statements about individuality and self-identity, by consumer segment, December 2016
                                                                      • Epicureans (享乐主义者): big spender devoted to sensual pleasures
                                                                        • Budget Controllers (预算控制者): make smart purchasing decisions, rather than being stingy
                                                                          • Sceptics (怀疑者): not entirely sure about their preferences and desires
                                                                          • Appendix – Methodology and Abbreviations

                                                                            • Methodology

                                                                            Companies Covered

                                                                            To learn more about the companies covered in this report please contact us.

                                                                            Consumer Attitudes towards Luxury - China - May 2017

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