China Luxury Accessories Market Report 2021
£ 3,695 (Excl.Tax)
Report Summary
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Table of Contents
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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
- Both online and offline shopping are flourishing
- Second-hand market is developing
- Companies and brands
- Brands are in good recovery
- Better products, better service
- The consumer
- Luxury accessories products for frequent use
- Figure 1: Accessories purchased from different brands, 2021
- Being more rational
- Figure 2: The reason for buying luxury accessories, 2021
- Expecting the speciality
- Figure 3: The driven factors for buying luxury accessories, 2021
- Coexisting classics and trendy
- Figure 4: Preferred style of luxury accessories, 2021
- Offline channels prevail
- Figure 5: Purchasing channel for buying luxury accessories, 2021
- Luxury accessories stands for exquisite and sincerity
- Figure 6: Selected attitudes towards luxury accessories, 2021
- What we think
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Issues and Insights
- Increasingly rational and individual consumption
- The facts
- The implications
- Figure 7: Daniel Essa’s luxury trainers, 2021
- Chinese and unisex collections are prevailing
- The facts
- The implications
- Figure 8: Zodiac square scarf, 2021
- Second hand accessories are promising
- The facts
- The implications
- Figure 9: Gucci X The RealReal, 2021
- Increasingly rational and individual consumption
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Market Drivers
- Growing consumption power drives luxury market
- Booming eCommerce
- Growing domestic duty free stores
- Second-hand luxury market nudges consumption
- Cross boundary keeps emerging
- Growing consumption power drives luxury market
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Key Players Performance
- LVMH
- Kering
- Richemont
- Hermes
- Swatch Group
- LVMH
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Competitive Strategies
- Leveraging the online shopping experience
- Play with virtual products
- Figure 10: The Gucci Garden Experience, Gucci, 2021
- Perfect repair service
- Figure 11: Ownever repair service, 2021
- Expand categories to commodities
- Figure 12: Air pods case by Chanel and Bottega Veneta, 2021
- Leveraging the online shopping experience
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Who’s Innovating?
- Making products more exquisite
- Figure 13: Fendi’s smell bag
- Cross boundary integration with live house
- Figure 14: Loewe’s live house, 2021
- Integrate into sport space
- Figure 15: HermèsFit in Chengdu, 2021
- Making products more exquisite
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Purchased Product
- Luxury branded accessories are more popular
- Figure 16: Accessories purchased from different brands, 2021
- Marketing luxury jewellery as inheritance
- Figure 17: Accessories purchased from different brands, by marriage status, 2021
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- Figure 18: Series of Inheritance by Chow Tai Fook, 2021
- Co-branding and dressing tips are promising for luxury apparel accessories
- Figure 19: Reasons for buying luxury hats and scarves, 2021
- Luxury branded accessories are more popular
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Purchasing Purpose
- Pay for self-pleasure
- Figure 20: Reasons for buying luxury accessories, 2021
- Men buy for gifts, women are getting more rational
- Figure 21: Selected reasons for buying luxury accessories, by gender, 2021
- Younger consumers still willing to pay for pop stars
- Figure 22: Selected reasons for buying luxury accessories, by gender, age and monthly personal income, 2021
- The rising potential for KOLs
- Figure 23: Selected reasons for buying luxury accessories, by gender and monthly personal income, 2021
- Pay for self-pleasure
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Attractive Factors for Purchasing
- Attractive factors are various but uniqueness is the core
- Figure 24: The driven factors for buying luxury accessories, 2021
- Dressing tips and co-branding may affect female purchasing
- Figure 25: The driven factors for buying luxury accessories, by gender, 2021
- Build brand loyalty in high tiers and widen sales targets in lower tier cities
- Figure 26: The driven factors for buying luxury accessories, by city tier, 2021
- Lure high earners with customised service
- Figure 27: The driven factors for buying luxury accessories, by monthly personal income, 2021
- Attractive factors are various but uniqueness is the core
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Preferred Style of Luxury Accessories
- China chic is in
- Figure 28: Preferred style of luxury accessories, 2021
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- Figure 29: Preferred Guochao and Chinese minority style of luxury accessories, by age, 2021
- Figure 30: ZangQiang embroidery, 2021
- Marketing to men via technology elements
- Figure 31: Selected preferred style of luxury accessories, by gender, 2021
- Figure 32: Snap chat X Gucci, Spectacles 3, 2020
- Marketing to youngers with gender neutral style
- Figure 33: Selected preferred style of luxury accessories, by generation, 2021
- China chic is in
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Purchasing Channel
- DFS and second-hand stores in growth
- Figure 34: Purchasing channel for buying luxury accessories, 2021
- Second hand are more accepted by high earners
- Figure 35: Purchasing preference for buying luxury accessories, by monthly personal income and city tier, 2021
- Marketing to Gen Z via vintage and social media
- Figure 36: Purchasing channels for buying luxury accessories, by generation, 2021
- DFS and second-hand stores in growth
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Attitudes towards Luxury Accessories
- Exquisite but also good looking
- Figure 37: Selected attitudes towards luxury accessories, 2021
- The opportunity for second-hand luxury in tier 1 cities
- Figure 38: Selected attitudes towards luxury accessories, by city tier and generation, 2021
- Blind box and athleisure for females
- Figure 39: Selected attitudes towards luxury accessories, by gender, 2021
- Leveraging shopping experience for older generation
- Figure 40: Selected attitudes towards luxury accessories, by generation, 2021
- Exquisite but also good looking
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Appendix – Methodology and Abbreviations
- Methodology
- Abbreviations
- Methodology
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