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Overview
- What you need to know
- Key Issues covered in this Report
- Covered in this Report
- What you need to know
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Executive Summary
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- The market
- Continued growth of ecommerce prompts further digitalisation of luxury retail
- Metaverse-related technologies enable luxury brands to bring novel experiences to consumers
- Economic recovery boosts consumer confidence
- Companies and Brands
- Chloé, Richemont and Zegna launch digital tools to enhance product authenticity protection and customer service
- Balenciaga’s 520 campaign strikes a chord with a combination of style, self-expression and sustainability
- Net-a-Porter accelerates localisation through combination of traditional culture and its own spirit
- The consumer
- Spending on major luxury goods and services remains stable
- Figure 1: Spending on major luxury goods and services, 2022 vs 2023
- Experiential consumption becomes next focus
- Figure 2: Luxury products/services consumers would like to buy in the future, 2023
- Luxury purchase channels remain unchanged, duty-free shops continue to dominate
- Figure 3: Luxury purchase channels, 2022 vs 2023
- Main online platforms for consumers to learn about luxury remain unchanged
- Figure 4: Online platforms consumers followed to know about luxury, 2022 vs 2023
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- Figure 5: Online platforms consumers followed to know about luxury, 2023
- Focus on providing comprehensive product information and reviews on comprehensive shopping websites
- Figure 6: Luxury information searched on comprehensive shopping websites, 2023
- Leverage short video platforms to get closer to general consumers
- Figure 7: Luxury information searched on short video platforms, 2023
- Integrate product promotion into lifestyle sharing content on Xiaohongshu
- Figure 8: Luxury information searched on Xiaohongshu, 2023
- Online private domain channels to strengthen the connection with customers
- Figure 9: Luxury information searched on brands’ WeChat and official websites/apps, 2023
- Interactive activities and innovative visual experiences spark interest
- Figure 10: Content to raise interest in luxury brands, 2023
- Consumers appreciate luxury brands getting closer to them, but localisation remains a challenge
- Figure 11: Attitudes towards luxury brands narrowing distance from the public and localisation, 2023
- High-quality services drive consumers to purchase luxury goods online
- Figure 12: Attitudes towards buying luxury online, 2023
- What we think
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Issues and Insights
- Rich brand experience can be an effective stimulus to luxury consumption
- Figure 13: The Hall by Louis Vuitton, Chengdu, China, 2022
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- Figure 14: Ralph’s Bar by Ralph Lauren, Chengdu, China, 2022
- Interactive and immersive content helps luxury brands better connect with consumers
- Figure 15: Gucci Video Hall by Gucci and Super QQ Show, 2022
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- Figure 16: Co-creation campaign “Blooming Shanghai” by Gucci, 2022
- Rich brand experience can be an effective stimulus to luxury consumption
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The Market
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Market Factors
- Continued growth of ecommerce prompts further digitalisation of luxury retail
- Metaverse-related technologies enable luxury brands to bring novel experiences to consumers
- Economic recovery boosts consumer confidence
- Figure 17: Consumers’ confidence about improving financial situation in the next three months, Jan-May 2023
- Continued growth of ecommerce prompts further digitalisation of luxury retail
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Companies and Brands
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- Market Highlights
- Chloé rolls out digital ID to facilitate traceability and resale
- Figure 18: Chloé Vertical, a digital ID on the product, 2023
- Richemont launches a digital platform to reduce watch and jewellery theft
- Figure 19: Enquirus launched by Richemont, 2023
- Zegna unveils AI-powered shopping customisation tool
- Figure 20: AI-powered shopping customisation tool “Zegna X”, 2023
- Balenciaga’s 520 campaign strikes a chord with a combination of style, self-expression and sustainability
- Figure 21: Balenciaga’s 520 mini-game on WeChat, 2023
- Net-a-Porter accelerates localisation through combination of traditional culture and its own spirit
- Figure 22: “Thousands of Faces (千人千面)” campaign by Net-a-Porter, 2022
- Market Highlights
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The Consumer
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Spending on Luxury Goods/Services
- Spending on major luxury goods and services remains stable
- Figure 23: Spending on major luxury goods and services, 2022 vs 2023
- Experiential consumption becomes next focus
- Figure 24: Luxury products/services consumers would like to buy in the future, 2023
- Under-40s are likely to be the main force of luxury consumption
- Figure 25: Luxury products/services consumer would like to buy in the future, by age, 2023
- Consumption of luxury household goods is polarised
- Figure 26: Luxury products/services purchased in the last 12 months, by age, 2023
- Spending on major luxury goods and services remains stable
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Luxury Purchase Channels
- Luxury purchase channels remain unchanged, duty-free shops continue to dominate
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- Figure 27: Luxury purchase channels, 2022 vs 2023
- Consumers tend to focus on 1-2 online luxury purchase channels
- Figure 28: Repertoire analysis of online luxury purchase channels, 2023
- Luxury purchase channels remain unchanged, duty-free shops continue to dominate
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Online Information Platforms for Luxury
- Main online platforms for consumers to learn about luxury remain unchanged
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- Figure 29: Online platforms consumers followed to know about luxury, 2022 vs 2023
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- Figure 30: Online platforms consumers followed to know about luxury, 2023
- Public traffic platform is the priority of digital marketing for luxury brands
- Figure 31: TURF analysis of online information platforms to know about luxury, 2023
- Video platforms and Xiaohongshu need to pay attention to male luxury consumers
- Figure 32: Online platforms consumers followed to know about luxury, by gender, 2023
- Main online platforms for consumers to learn about luxury remain unchanged
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Luxury Information Most Searched for on Major Online Platforms
- Focus on providing comprehensive product information and reviews on shopping websites
- Figure 33: Luxury information searched on comprehensive shopping websites, 2023
- Leverage short video platforms to get closer to general consumers
- Figure 34: Luxury information searched on short video platforms, 2023
- Integrate product promotion into lifestyle sharing content on Xiaohongshu
- Figure 35: Luxury information searched on Xiaohongshu, 2023
- Online private domain channels to strengthen the connection with customers
- Figure 36: Luxury information searched on brands’ WeChat and official websites/apps, 2023
- Focus on providing comprehensive product information and reviews on shopping websites
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Content to Raise Interest in a Luxury Brand
- Interactive activities and innovative visual experiences spark interests
- Figure 37: Content to raise interest in luxury brands, 2023
- Engaging brand followers through interactive and personalised content
- Figure 38: Content to raise interest in luxury brands, those who often search for luxury information on brands’ WeChat vs total, 2023
- Virtual characters can be a breakthrough for luxury brands on short video platforms
- Figure 39: Content to raise interest in luxury brands, those who often search for luxury information on short video platforms vs total, 2023
- Interactive activities and innovative visual experiences spark interests
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Attitudes towards Luxury and Luxury Digitalisation
- Consumers appreciate luxury brands getting closer to them
- Figure 40: Attitudes towards luxury brands narrowing distance from the public, by generation, 2023
- Balancing uniqueness and localisation remains a challenge for luxury brands
- Figure 41: Attitudes towards luxury brands’ localisation in China, 2023
- Metaverse remains an effective digital marketing tool for luxury brands
- Figure 42: Attitudes towards luxury brands incorporating the concept of metaverse, 2023
- High-quality services drive consumers to purchase luxury goods online
- Figure 43: Attitudes towards buying luxury online, 2023
- Consumers appreciate luxury brands getting closer to them
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Appendix – Methodology and Abbreviations
- Methodology
- Abbreviations
- Methodology
“Consumers crave luxurious experiences while maintaining interest in main luxury categories. Luxury brands can leverage consumers’ usage habits across different online platforms to capture their attention and convert it into a purchase. Comprehensive shopping websites, Douyin and Xiaohongshu can then be powerful tools for luxury brands. In addition to judiciously using these platforms to amplify their voices, luxury brands need to incorporate interactive content and innovative visual experiences to engage consumers in more novel and immersive ways and further expand their audiences.”
– Helen Ren, Research Analyst
This report discusses the following key topics:
- This Report discusses consumers’ luxury consumption behaviours and general attitudes towards digitalisation in luxury.
- In addition to categories of luxury goods/services that consumers have spent on and intend to buy in the future, this Report also tracks channels through which consumers source information for and purchase luxury items. Then the Report goes further to examine what information consumers often search for on each channel and what content might interest them.
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