“Brands must identify the platforms, content, and media preferences of their consumers in order to effectively communicate with them,” she says. Wang Yajin, a professor of marketing at China Europe International Business School (CEIBS) based in Shanghai, stresses the importance of understanding where “target consumers spend their time,” especially in China’s digital and mobile-dominated consumer market. Instead of focusing on selling and data collection, brands should leverage social media platforms such as WeChat, Weibo, Xiaohongshu and Douyin, and live-streaming and mobile games to foster a sense of community and interactivity. McKinsey suggests that luxury brands need to adopt a different approach when targeting Chinese millennials. Social media engagement trumps data collection “From products to communication to branding, luxury has progressively evolved to a younger sector, and to cater to ever younger consumers.” “The future has always belonged to future generations, and now they even shape it,” Siboni says. Siboni points out that China’s post-1980s generations already accounted for more than half of Chinese consumer spending on luxury in 2018. Ī more youthful market will disrupt luxury’s growth path, says consultancy firm Bain in a 2018 report, which projects that millennials and Gen Z (born between 19) will compose 55 percent of the global market by 2025. “Chinese millennials and Gen Z are instrumental in the success of luxury brands in the world, even more so in China,” Jonathan Siboni, founder and CEO of Luxurynsight, a Paris-based data intelligence firm, tells Jing Daily. According to industry experts, these two demographics will comprise a significant portion of the market in the next few years.īy 2025, millennials (born between 19) will account for 40 percent of the global personal luxury goods market, according to a 2017 report by Bain & Company and Farfetch. It does not store any personal data.The future success of luxury brands in China relies on their ability to effectively engage with the nation’s millennial and Gen Z consumer groups. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.
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