2021
0
China Luxury for Men Market Report 2021
2022-01-13T03:08:44+00:00
OX1049125
3695
146763
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Report
en_GB
“Men are being increasingly important in the luxury market, with their pursuit and definition of luxury goods become diverse. Their demands shifting away from conspicuous consumption and luxuries overall are…

China Luxury for Men Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“Men are being increasingly important in the luxury market, with their pursuit and definition of luxury goods become diverse. Their demands shifting away from conspicuous consumption and luxuries overall are having more meaningful and rich connotations for them. Their preference of luxury categories being more focused on digital products at early stage and looking for stylish when they get more affluent. Though they received luxuries in most of time, there is also a raising trend of self-gifting on a number of occasions along with paying more attention to search via social media. Luxury brands that are good at capturing men’s personalities and help them to have unique self-expression will succeed in the future.”

– Jocelyn Dong, Research Analyst

This report covers the following issues:

  • How men define luxuries, their ownership and desire for different luxury products
  • Key purchasing factors and occasions of luxury goods
  • Information channel as part of the luxury purchase journey
  • Attitudes towards luxury spending by different generations of men

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Covered in this Report
        • Executive Summary

            • The market
              • Growing importance of men in China’s luxury market
                • Figure 1: Men and women’s luxury purchase incidence, 2015 & 2021
              • Companies and brands
                • The Chinese market has become the major growth force for brands
                  • Localisation makes brands more accessible to consumers
                    • The consumer
                      • The definition of luxury is changing
                        • Figure 2: Men’s definition of luxury, 2021
                      • Men’s luxuries will see a bigger influence of high-tech in the future
                        • Figure 3: Ownership and desires for luxury products, 2021
                      • Service speaks, sustainability rises
                        • Figure 4: Consideration factors when purchasing luxury products, 2021
                      • Received more but self-attention also increases
                        • Figure 5: Occasions for purchasing and receiving luxury products, 2021
                      • Offline and online are equally attractive
                        • Figure 6: Information channels to know about luxury products, 2021
                      • Luxury becomes essential, and affluent men are willing to overspend
                        • Figure 7: Men’s attitudes toward luxury, 2021
                      • What we think
                      • Issues and Insights

                        • More luxury purchasing occasions for men reflects the growing importance of “He” economy
                          • The facts
                            • The implications
                              • From a single product category to a full brand experience
                                • The facts
                                  • The implications
                                    • Figure 8: Prada’s pop-up store featuring “Garden” in Rong Zhai, Shanghai, 2021
                                    • Figure 9: Gucci and North face, 2021
                                  • Make it exclusive and accessible at the same time through digitalisation
                                    • The facts
                                      • The implications
                                        • Figure 10: LV limited-time shop, 2021
                                    • Market Factors

                                      • China becomes a key growth market for luxury houses after COVID-19
                                        • Figure 11: Confidence in improving financial status in the next three month, 2020-21
                                        • Figure 12: Desire for luxury items, 2021
                                      • “He” economy rises
                                        • Figure 13: Men and women’s luxury purchase incidence, 2015 & 2021
                                      • Overseas male luxury brands start to strengthen digital retailing
                                        • Quality life is replacing social status to drive men’s luxury definition change
                                        • Companies and Brands – Key Players Performance

                                          • Ralph Lauren Crop
                                            • Ermenegildo Zegna
                                              • Hugo Boss
                                                • CANALI
                                                  • Rolex
                                                    • Patek Philippe
                                                    • Marketing Highlights

                                                      • More male luxury brands partner with ecommerce channels as they seek expansion in China
                                                        • Figure 14: Canali’ online flagship store on Tmall, 2021
                                                        • Figure 15: Berluti’s online flagship store on JD Luxury, 2021
                                                      • Collaborating with local designer brands to target young Chinese males
                                                        • Figure 16: Canali x 8ON8 capsule clothing collection, 2021
                                                        • Figure 17: Clot x Ralph Lauren collected clothing, 2021
                                                      • Zegna continues to raise awareness about what defines masculinity
                                                        • Figure 18: What makes men, Zegna, China 2021
                                                      • Teams up with esports
                                                        • Figure 19: Rolls Royce collaborated with QQ Speed in mobile game App, 2021
                                                      • Co-branding enhances a powerful combination
                                                        • Figure 20: Girard-Perregaux X Aston Martin, 2021
                                                        • Figure 21: Rolls-Royce X BOVET 1822, 2021
                                                      • Breitling launched subscription service
                                                        • Figure 22: BreitlingSelect, 2021
                                                      • Valentino enters the resale market through its Vintage Project
                                                        • Figure 23: Valentino Vintage,2021
                                                    • The Consumer – Definition of Luxury

                                                      • Quality life more than social status
                                                        • Figure 24: Men’s definition of luxury, 2021
                                                      • Luxury as self-expression matters more to young males
                                                          • Figure 25: Men’s definition of luxury, by generation, 2021
                                                        • Spending power has an even bigger impact on luxury purchase in lower-tier cities
                                                            • Figure 26: Men’s definition of luxury, by monthly personal income and city tier, 2021
                                                        • Ownership and Purchasing Intention

                                                          • Digital products have become men’s new favour
                                                            • Figure 27: Ownership and desires for luxury products, 2021
                                                          • Gen Z focus on style and appearance
                                                            • Figure 28: Ownership and desires for luxury products, by generation, 2021
                                                        • Purchase Consideration

                                                          • Design and services matter more than logos
                                                            • Figure 29: Consideration factors when purchasing luxury products, 2021
                                                          • Important factors reflect the meaning of luxuries
                                                            • Figure 30: Definition of luxury, by consideration factors when purchasing luxury products, 2021
                                                          • Younger men care more about after-sales services and the preserving value of luxuries
                                                            • Figure 31: Selected consideration factors when purchasing luxury products, by age, 2021
                                                          • Importance of sustainability increases with personal income
                                                            • Figure 32: Selected consideration factors when purchasing luxury products, by monthly personal income, 2021
                                                        • Occasions of Purchasing and Receiving Luxuries

                                                          • Birthdays and anniversaries are most important occasions
                                                            • Figure 33: Occasions for purchasing and receiving luxury products, 2021
                                                        • Information Channel

                                                          • Managing brand image becomes challenging for luxuries as sources of online information diversify
                                                            • Figure 34: Information channels to know about luxury products, 2021
                                                          • Pay attention to male-orientated communities
                                                            • Figure 35: Selected information channels to know about luxury products, by monthly personal income, 2021
                                                          • Collaborating with esports to engage younger and well-educated males
                                                            • Figure 36: Information channels to know about luxury products, game livestreaming, by generation and education level, 2021
                                                        • Attitudes towards Luxury

                                                          • Post-80s are the core consumers treating luxury goods as essentials in big moments
                                                            • Figure 37: Selected attitudes toward luxury, 2021
                                                            • Figure 38: Selected attitudes towards luxury, by generation, 2021
                                                          • Affluent consumers overspend for trendy and self-expression
                                                            • Figure 39: Consideration factors when purchasing luxury products, by willingness to overspend on luxuries, 2021
                                                            • Figure 40: Definition of luxury, by willingness to overspend on luxuries, 2021
                                                          • Married men don’t just look at dress to impress
                                                            • Figure 41: Selected attitudes toward luxury, by family structure, 2021
                                                          • Second-hand luxury products are more accepted by young men
                                                            • Figure 42: Selected attitudes toward luxury, by generation, 2021
                                                        • Appendix – Methodology and Abbreviations

                                                          • Methodology
                                                            • Abbreviations

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