2020
0
China Luxury Accessories Market Report 2020
2020-11-18T03:00:47+00:00
OX990406
3695
127631
[{"name":"Accessories and Jewellery","url":"https:\/\/store.mintel.com\/industries\/fashion\/accessories-jewellery"}]
Report
en_GB
“Luxury accessories are increasingly more accepted by consumers and gradually becoming a form of daily wear. The domestic market has become a more important market for luxury brands and Chinese…

China Luxury Accessories Market Report 2020

£ 3,695 (Excl.Tax)

Report Summary

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Luxury Accessories China market including the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

With growing consuming power and the rapid recovery since the COVID-19 outbreak, the China luxury accessories market is rebounding for many luxury accessories brands. Digitalization and e- commerce have become the key trends helping brands to survive during the outbreak, and these new developments will also benefit new consumer acquisition, especially in terms of raising awareness among Gen Z.

Expert analysis from a specialist in the field

Written by Samuel Yi, a leading analyst in the BPC sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Luxury accessories are increasingly more accepted by consumers and gradually becoming a form of daily wear. The domestic market has become a more important market for luxury brands and Chinese consumers’ high acceptance of e-commerce means luxury brands need to re-think their strategy in China. Increasing awareness of aesthetics and sustainability can bring more attention to product innovation and marketing mix.
Samuel Yi
Category Director

Table of Contents

  1. Overview

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

          • The market
            • Impact of COVID-19 on luxury accessories
              • Figure 1: Summary of impact of COVID-19 on the luxury accessories, August 2020
            • Affluent consumers enjoyed higher income growth in the last three years
              • Figure 2: Income per capita by five percentile groups and growth rates, urban China, 2014-2018
            • Domestic channels are benefiting from COVID-19
              • Companies and brands
                • LVMH
                  • Kering
                    • Ensure premium and seamless online experience
                      • AR enhances consumer experience
                        • Genderless pearls
                          • The consumer
                            • Adding style to daily wear
                              • Figure 3: Luxury accessories purchase, May 2020
                            • Online is already an indispensable channel
                              • Figure 4: Purchase channel of luxury accessories, May 2020
                            • Purchasing for memorable moments
                              • Figure 5: Shopping occasions of luxury accessories, May 2020
                            • Daily wear and hard luxury are more resilient
                              • Figure 6: Change in desire for luxury accessories after the COVID-19 outbreak, May 2020
                            • Special design/colour is a simple but effective tactic
                              • Figure 7: Purchase triggers of luxury accessories, May 2020
                            • Recovery is expected and hard luxury sees early success online
                              • Figure 8: Impact of COVID-19 on luxury accessories purchase, May 2020
                            • What we think
                            • Issues and Insights

                              • How to balance creativity and local attitudes?
                                • The facts
                                  • The implications
                                    • Figure 9: Herseebeauty products with Forbidden City elements, September 2020
                                  • Better communicate sustainability with consumers
                                    • The facts
                                      • The implications
                                      • Market Factors

                                        • Affluent consumers enjoyed higher income growth in the last three years
                                          • Figure 10: Income per capita by five percentile groups and growth rates, urban China, 2014-2018
                                        • COVID-19 made consumers more prudent
                                          • Figure 11: Desire change towards luxuries after the COVID-19 outbreak, April 2020
                                        • Purchases shifted to domestic channels after the outbreak
                                          • Gen Z is one of the drivers for recovery
                                            • Figure 12: Attitudes towards shopping willingness after the COVID-19 outbreak and on fine jewellery/watches, by generation, May 2020
                                          • Enjoy duty-free shopping without leaving the country
                                          • Key Players – What You Need to Know

                                            • Luxury giants’ performance declined and the Chinese market is highlighted
                                              • Digital experience is the key to winning consumers
                                                • Provide more for consumers beyond design
                                                • Major Luxury Conglomerates Performance

                                                  • LVMH
                                                    • Kering
                                                      • Richemont
                                                        • Swatch Group
                                                          • Hermes
                                                          • Competitive Strategies

                                                            • Ensure premium and seamless online experience
                                                              • Unlock the potential of colour
                                                                • Figure 13: Panerai’s watch accessories room, May 2020
                                                              • Set the imagination free for collaboration
                                                                • Figure 14: Louis Vuitton and One & Only’s collaboration, May 2020
                                                            • Who’s Innovating?

                                                              • Emotional support during the COVID-19 outbreak
                                                                • Figure 15: Stress easing methods by Christian Dior and Manolo Blahnik during COVID-19, April 2020
                                                              • AR enhances consumer experience
                                                                • Figure 16: Gucci’s virtual product experience powered by AR, August 2020
                                                              • Genderless pearls
                                                                • Figure 17: Genderless pearl necklace design by Mikimoto, August 2020
                                                            • The Consumer – What You Need to Know

                                                              • Big shift to online purchasing due to COVID-19
                                                                • Adding style to daily wear
                                                                  • Memorable days fit luxury accessories
                                                                    • Interest in fine jewellery/watches increased after the COVID-19 outbreak
                                                                      • Special design/colour is still the key to win
                                                                        • Luxury accessories market is promising after the COVID-19 outbreak
                                                                        • Luxury Accessories Purchase

                                                                          • Adding style to daily wear
                                                                            • Figure 18: Luxury accessories purchase, May 2020
                                                                          • Breaking the boundaries of gender
                                                                            • Figure 19: Luxury accessories purchase for oneself and others, by for male vs female, May 2020
                                                                          • 40-49s have special affinity for handbags and hard luxury purchase
                                                                            • Figure 20: Luxury accessories purchase, by age, May 2020
                                                                          • Consumers in tier one cities are more likely to pamper themselves with luxuries
                                                                            • Figure 21: Luxury accessories purchased for self, by city tier, May 2020
                                                                        • Purchasing Channel

                                                                          • Online is already an indispensable channel
                                                                            • Figure 22: Purchasing channel selection for luxury accessories, June 2016 – May 2020
                                                                            • Figure 23: Purchase channel of luxury accessories, May 2020
                                                                          • Offline channels remain important for 40-49s
                                                                            • Figure 24: Purchase channel of luxury accessories, by age, May 2020
                                                                          • Brand boutiques attracted even more lower tier cities residents
                                                                            • Figure 25: Luxury accessories bought in offline standalone boutiques, by city tier, May 2020
                                                                          • Different preferences for overseas channel selection
                                                                            • Figure 26: Luxury accessories bought in overseas shopping channel, by gender and education, May 2020
                                                                          • Duty-free is where more women in their forties would buy
                                                                            • Figure 27: Luxury accessories bought in department stores and duty-free stores, by gender and age, May 2020
                                                                        • Shopping Occasions

                                                                          • Purchasing for memorable moments
                                                                            • Figure 28: Shopping occasions of luxury accessories, May 2020
                                                                          • Women have more reasons to buy luxury accessories
                                                                            • Figure 29: Shopping occasions of luxury accessories, by gender, May 2020
                                                                          • Older twenty-somethings and thirty-somethings shopped more
                                                                            • Figure 30: Shopping occasions of luxury accessories, by age, May 2020
                                                                          • Anniversaries worth buying luxury for especially in tier two and lower tier cities
                                                                            • Figure 31: Shopping occasions of luxury accessories for anniversaries, by city tier, May 2020
                                                                        • Desire Change after the COVID-19 outbreak

                                                                          • Daily wear and hard luxury are more resilient
                                                                            • Figure 32: Change in desire for luxury accessories after the COVID-19 outbreak, May 2020
                                                                          • Costume jewellery seems to be the better choice for younger generation
                                                                            • Figure 33: Change in desire for luxury accessories after the COVID-19 outbreak, costume and fine jewellery/watches, by age, May 2020
                                                                          • Middle household income consumers desire more
                                                                            • Figure 34: Change in desire for luxury accessories after the COVID-19 outbreak, glasses/sunglasses and hat, by monthly household income, May 2020
                                                                        • Purchase Triggers

                                                                          • Special design/colour is a simple but effective tactic
                                                                            • Figure 35: Purchase triggers of luxury accessories, May 2020
                                                                          • Promotions work, particularly among females
                                                                            • Figure 36: Purchase triggers of luxury accessories, by gender, May 2020
                                                                          • Sense of exclusiveness lures high household income respondents
                                                                            • Figure 37: Purchase triggers of luxury accessories, by monthly household income, May 2020
                                                                          • Personalisation and sustainability can make up the price difference
                                                                            • Figure 38: Purchase triggers of luxury accessories, by COVID-19’s impact on shopping channel, May 2020
                                                                        • Attitudes towards Luxury Accessories

                                                                          • Still need time for recovery
                                                                            • Figure 39: Impact of COVID-19 on luxury accessories purchase, May 2020
                                                                          • Hard luxury sees early success online
                                                                            • Figure 40: Attitudes towards “I’m willing to buy fine jewellery and fine watches online”, by monthly household income and city tier, May 2020
                                                                          • Costume jewellery and man-made diamonds in doubt
                                                                            • Figure 41: Attitudes toward costume jewellery and man-made diamonds, May 2020
                                                                          • Men want more choice of luxury accessories as well
                                                                            • Figure 42: Attitudes toward “There are not enough choices for men’s luxury branded accessories”, May 2020
                                                                        • Appendix – Methodology and Abbreviations

                                                                          • Methodology
                                                                            • Abbreviations

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