Luxury Retailing - China - September 2016
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“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:
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:
This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:
What They Want. Why They Want It.
Who’s Winning. How To Stay Ahead.
Size, Segments, Shares And Forecasts: How It All Adds Up.
New Ideas. New Products. New Potential.
Where The White Space Is. How To Make It Yours.
What’s Shaping Demand – Today And Tomorrow.