Luxury Retailing - China - September 2016
“Consumer attitudes to luxury brands have changed recently as the market has recovered growth, if at a slower pace than before. Attitudes are increasingly focused on experiences rather than only things, and increasingly diverse consumers are choosing from a much wider range of brands. Luxury retailers have to adapt to growing consumer diversity by getting to know their potential and existing customers better, adapting their brands to suit changing consumer needs. This also means adapting retail channels to include overseas and online shopping habits. Future market growth should remain strong, but competition will increase, making it ever harder to luxury brands to remain front-of-mind.”
– Matthew Crabbe, Director of Research, Asia-Pacific
This report looks at the following areas:
- The travel effect
- The online experience
- Persuading the doubters
- A new breed of luxury
For the purposes of this Report, Mintel has used the following definitions:
Luxury goods are unusual in the retail context in that there is growing vertical integration in the sector. It is the products and brands that are luxury, rather than the retailers. The major luxury groups are taking a greater control of their retail outlets and the practice of wholesaling and licensing is very much in decline.
The concept of luxury goods is inevitably highly subjective. The term ‘luxury’ usually carries with it the idea that there is a very high level of craftsmanship involved and that the products carry a high price tag, deeming the products out of the reach of most mass-market buyers. Unfortunately, they can also carry connotations of ostentation and even “bling”.
This definition issue is further complicated in China, where the rapid pace of economic and social change is mixed with strong cultural influences on what luxury means. The first main section of the Report explores this issue in some detail.
The analysis focuses on three main categories of luxury goods:
- Fashion & leather goods
- Fragrances & cosmetics
- Jewellery & watches.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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