Daxueconsulting+中国时尚奢侈品市场报告-54页-WN6.pdf

1China Chic:The Emergence of Chinese Luxury BrandsFebruary 2022群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料2CONTENT OUTLINEHow Chinese consumers define luxury in China1.3The impact of Guochao on Chinas luxury industry3.14Hypotheses for the emergence of Chinese luxury brands4.20About us5.42Chinese luxury brands are gaining momentum2.7How Chinese consumers define luxury in China1.Today in China,luxury means self-expression,self-actualization and community-building 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 4Younger Millennials and Gen Z are changing the definition of luxury in China,making luxury goods shift from being signals of socialstatus to becoming instruments of self-actualization,self-expression and community-building.Elder generations used to consider luxury as mainly a symbol ofhigh social status and opulence.However,as younger generationsimpose themselves as the main drivers of luxury consumption,thedefinition of luxury in China is gradually evolving.Today,young Chinese consumers regard luxury as a means toreward and express themselves in a more elevated and upscaleway.Even though luxury goods are likely to be still important insignaling a high-end lifestyle,Gen Z are more eager to share,talkabout and discover their luxury experience,thereby building acommunity of kindred spirits.Source:Tmall(2020),N=3,000Top 3 defining features of luxury goods by age group 1.Price2.Signaling a high-end lifestyle3.Profound history1.Price2.Profound history3.Unique design aesthetics1.Price2.Unique design aesthetics3.Profound historyBaby BoomersMillennialsGen-ZSource:Mazars(2019),N=3,23568%61%45%24%20%6%Reward formyselfPursuit offashionUplift ofconfidenceIdentitystatementGiftSignalingsocial statusChinese Gen Zs main reasons for purchasing luxuryEsteem-related reasonsSelf-fulfillmentpurpose5For Millennial and Gen Z consumers,customization is not just a nice option,but amust-have,since customization allows them to express cultural identity.Therefore,it is an important driver of purchase.In the eyes of modern Chinese,luxury has become an experience,not a productAs luxury transforms into a method of self-care,the key elements of Chinas new concept of luxury become experience,innovation,customization and cultural sensitivity.Chinese consumers want more than just a product,they want an immersive luxury experience.2022 DAXUE CONSULTINGALL RIGHTS INCLUDED Source:Luxe.co x Peacebird,N=3,00010%11%12%18%20%Smart experienceArt exhibitionCoffee/snacksStyling serviceCustomizationWhat additional service would you like to have in physical stores?Young consumers crave a digital experienceNew technologies and the integration ofoffline and online elements have become keyfeatures of Chinas new concept of luxury:young Chinese consumers do not want just toenjoy luxury experiences,they want to be ableto share them on social media.According to BCG,experiential luxurygrew by 9%in China in 2017,imposingitself as one of the main drivers of growthof the luxury industry.NowadaysyoungChineseconsumerswanttopamperthemselvesthroughluxury experiences.个性化定制造型服务咖啡/轻食艺术品展示智能/科技体验Chinese consumers customization needs have not been met yetForeign brands have not been able to meet Chinese consumers needs to express their identity.Chinese consumers believe thatlocal brands would have a deeper understanding of their taste through customization.2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 6Luxury brands customization services are still limitedUnder My ABCDior services,consumerscanpersonalizetheirbags,Mitzahscarves,andbracelets by addingspecial letters and symbols.Source:Dior official websiteFrench luxury goods companyFrench high-end luxury fashion houseSource:Louis Vuitton official websiteNeverfull MM My LV Heritage offerscustom size,type as well as differentstripes,internalcolors,andtheembroidery of customers initials.SomeforeignbrandslikeDiorhaveattempted to enhance their customizationservices.However,some netizens had anegative impression of the product.In May 2020,Dior released alimited-editioncollectionofits popular Book Tote andDiorcamp handbags,allowingcustomerstoembroiderChinese characters on theiritems.However,Chinesenetizensdescribedtheinitiative as”weird”,“cheap”,and a“clumsy gimmick”toattract the local consumers.There is not one definition of luxury but several across tier-citiesEven though most luxury consumers are in higher-tier cities,lower-tier cities still count for one-third and will push the emergence of different definitions and approaches of luxury.2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 725%43%36%67%9%24%35%38%21%43%39%65%7%23%47%48%20%42%39%62%8%23%49%52%UniquenessSignalling a high-endlifestyleProduct craftsmenshipPriceContribution to societyForeign brandDesign aestheticsBrand historyVariance in the definition of luxury goods among 3 city-tiersTier 1Tier 2Tier 3Luxury consumers in Tier-1 and Tier-2 cities focusmore on brand connotations like history and design,while luxury consumers in Tier-3 cities give moreimportance to intrinsic elements of the products,such as price,the origin of the brand and whether itreflects a high-end lifestyle.Source:Mazars(2019),N=3,235Chinese luxury brands are gaining momentum2.Local history,culture,and craftsmanship shape Chinese luxury brandsAccording to surveyed Chinese consumers,what makes luxury brands“Chinese”resides in their essence rather than in their form:drawing from Chinese culture and history,employing local traditional craftsmanship and interpreting modern design with Chineseeyes are essential elements in defining Chinese luxury brands.33.70%39.80%42.40%54.70%59.40%65.50%Founded in ChinaChinese designersChinese foundersInterpreting modern designs with ChineseeyesTraditional craft designerDrawing from Chinese culture and historyMain features of a Chinese luxury brand2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 9Brands draw from Chinese millennium-old history and culture andemploy traditional craftsmanship techniques in order to interpretmodern designs through a Chinese lens.Definition of Chinese luxury brandTo be fully accepted by the Chinesepublic,it is of major importance thatChinese luxury brands adopt anauthentic Chinese perspective andavoid infusing their creations andimage with Western orientalism.Source:Daxue Consulting(2022),N=1,000在中国成立中国传统工艺设计师中国创始人借鉴中国人的视角诠释现代设计中国设计师借鉴中国文化和历史Traditional featuresdefining the countryof origin of a brandItaly3rdFranceConsumers display a keen interest in Chinese luxury goodsChinese consumers have changed their perceptions towards luxury brands,one of these changes being how they now valueChinese elements more.Surveyed consumers bought Chinese luxury brands mainly because of their greater use of Guochaoelements.2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 102ndChina1stSurveyees are attracted to luxury brands fromSource:Daxue Consulting(2022),N=1,000Source:Daxue Consulting(2022),N=1,0000.6%0.9%42.2%50.1%50.3%60.6%Perceived high quality of rawmaterialsOtherInnovative designValue-for-moneySupporting national businessesGreater use of GuochaoelementsReasons why respondents bought Chinese luxury goodsSource:Daxue Consulting(2022),N=1,000Yes;64.4%No;35.6%Percentage of respondents who have previously purchased luxury products in China90%of those who have not bought anyChinese luxury product claimed that they arewilling to do so in the future,illustrating thechanged perception of Chinese consumerstowards Made-in-China goods.高品质原材料充满国潮元素其他高性价比创新的设计支持国家企业If the quality of Chinese and foreign luxury goods were the same,I would buy foreign goods even if it costs more(若中国和外国奢侈品的品质样，即使外国的更贵，我也会购买外国的)Agree0.2%NeutralDisagree18.5%81.3%AgreeNeutralDisagree2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 11Source:Daxue Consulting(2022),N=1,000Under the same conditions,Chinese consumers would rather buy Chinese luxury but 0.2%32.7%35.2%36.4%53.3%69.9%72.6%Other(其他)Country of origin(出产国)Brand values(企业价值观)Personal image(个形象)Price(价钱)Design(设计)Brand name(品牌)Main reasons for purchasing luxury itemsAlthough the design has become increasingly important in driving sales,the brand name is still the deciding factor as many Chinese luxury shoppers are first time consumers and prefer purchasing well-established international luxury brands.However,it does not mean that the buying behavior will persist once Chinese luxury brands acquire the same authority and prestige.Source:Daxue Consulting(2022),N=1,000As according to Oliver Wyman 50%of Chinese luxury shoppers in 2021were first-time luxury consumers,it is likely that they want to play it safeand opt for popular international brands over lesser-known ones.Currently there is a mismatch between intention and behavior,showingthat Chinese consumers do not equate local luxury brands with the sameprestige,authority and perceived quality as foreign ones.2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 12 15,000 RMB6.37%Spending on last Chinese luxury brand item purchased(N=644)Source:Daxue Consulting(2022)Chinese brands can compete with foreign brands in the accessible luxury segmentConsumers are willing to purchase Chinese luxury brands in luxury categories dominated by foreign brands when perceived quality and price of Chinese goods get closer to those of their foreign counterpart,opening some future opportunities for Chinese brands in the accessible luxury segment.0.6%16.0%26.2%41.1%43.2%46.1%62.0%OtherFurnitureShoesTeaClothingWine andspiritsJewelryPreviously purchased Chinese luxury goods(N=644)Source:Daxue Consulting(2022)2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 13However,Chinese luxury designer brands are mostly unknown to the general publicChinese luxury brands in segments dominated by foreign companies lack brand awareness as they are mostly designer brands whose brand identity is still not as strong as the one popular international brands can vaunt.1.1%4.6%5.0%9.6%11.2%46.3%46.6%65.2%93.7%Private PolicyShangxia（上下)Gicasa（凯莎）PUSU（璞素)Guo Pei（郭培）Shanghai Tang（上海滩）Junshan Yinzhen Tea Chow Tai Fook（周福）Moutai（茅台）What of the following Chinese brands do you know?Source:Daxue Consulting(2022),N=1,000Chinese luxury brands in fashion and furniture are mostly designer brandslacking consumer awareness compared to well-established internationalbrands.Renowned Western designer brands boast a strong brand identitywhich makes them easy to recognize and proves once again the importanceof brand name in guiding consumer behavior in China.gucciarmanimkguopeishangxiaSource:Baidu IndexBaidu index of luxury brands 10%10%10%USD80MassPremiumUSD30-79USD15-30Source:Daxue Consulting(2022)Source:Goldman Sachs(2020),Jing Daily(2019)30%of 15-64 years old population in Chinaaccounted for 60%cosmetics purchase on Tmall67%post 90s trust Chinese cosmetic brandsTCM cosmetics products are preferred by Chineseconsumers:1.Considered as natural and safe2.Influenced by ancient beauty practices3.About 36%of women report having sensitiveskin,thus gentle,TCM based products arepreferredSource:CBN Data(2021),TMO Group(2020)Found to be more concerned with green attributes than older generationsMAYSU creates TCM based skincare products using modern technologies 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 29Fusing luxury skincare with TCM to meet Chinese consumers demand for“green beauty”MAYSU features various product lines withTCM such as:Ginseng seed and ginseng extractPlum flower embryo from Yellow MountainCamellia and lotusJasmineRose and honey“Yeast meets Space”In 2013,MAYSU created a formula out of yeastthat was grown on the space station.The yeastformulaisclaimedtohaveanti-ageingandregenerating benefits.Since then,the companyhasbeenprovidingskincareproductsforastronauts in several space missions.MAYSU is owned by JalaGroup,Chinasleadingcosmetic group which wasfoundedin2001.Thecompanyfocusedoncreating skincare productsfor Asians.MAYSU is thedesignated VIP gift for theBoao Forum for Asia.Theprice for its skincare setranges from$119 to$340.Opportunities of natural and traditional cultural scents in Chinas fragrance marketLow daily usage of perfume but with rising interest;European-listed companies controlled 80%of Chinas fragrance market 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 30oSinorientalperfume:AroMAGprovideshigh-end perfume with scents of tea,rareChinese ink,and incense.oIncorporateChinesephilosophyandpractice:the perfumes projection distanceis controlled at 1 meter of the wearer tosymbolize the humble restrained Chinesephilosophy.oCurated based on Chinese culture:Its starproduct infused the scent of traditionalChineseHuiink,withhintsofancientChinese imperial emblem ink,and extractsof burning incenseoWork with top fragrance agency and well-establishedperfumer:CollaborateswithIFF,Firmenich,Givaudan.Its star productwas created by Frank Voelkl,the perfumerof Le Labo.Past:market validation-market entryCOLLABORATIVEWe encourage frequent meetings and workshops with our clientsTRANSPARENTFull insights into our work with frequent intermediate updates CROSS-CULTURAL UNDERSTANDINGMix of foreign-educated Chinese and China-educated foreignersINDUSTRY PARTNER NETWORKBuilt-up over 350+projects and 100+podcasts 2021 DAXUE CONSULTINGALL RIGHTS RESERVEDOur servicesIP COLLABORATIONIP合作SENTIMENT ANALYSIS情绪分析TARGET AUDIENCE PROFILING目标人群画像DECISION-MAKING PROCESS决策路径BRANDBENCHMARKING品牌基准BRAND AUDIT品牌检验PRODUCT CONCEPTS DEV.&TESTING产品概念开发和测试BUSINESS INTELLIGENCE商务智能OMNI-CHANNEL MARKETING全渠道策略BRAND(RE)POSITIONING品牌（重新）定位VALUE PROPOSITION&MESSAGING HOUSE价值主张&信息传播策略ASSESSMENT评估STRATEGY策略INSIGHTS洞见INNOVATION创新MARKET ENTRY市场准入 2021 DAXUE CONSULTINGALL RIGHTS RESERVEDOur methodologiesDESK RESEARCH案头调研FOCUS GROUPS小组座谈A/B TESTINGA/B 测试DIARY RESEARCH日记研究SOCIAL LISTENING社媒聆听CONSUMERS INTERVIEW消费者访谈SHOP ALONGS店内随访ONLINE&OFFLINE SURVEYS线上&线下问卷MYSTERY SHOPPING神秘顾客研究STRATEGIC WORKSHOP小组访谈ONLINE SALES DATA SCRAPING社媒聆听UX/UI TESTING用户界面测试STORE CHECKS店访ONLINE COMMUNITY线上社群调研MARKET INSIDERS INTERVIEW专家访谈CENTRAL LOCATION TESTING食材品鉴 2021 DAXUE CONSULTINGALL RIGHTS RESERVEDUsing modern tools&software to stay aheadA selection of tools leveraged by us for our clientsSearch engine&e-commerce analytics搜索引擎&电商分析Social listening社媒聆听Data mining/survey analysis数据挖掘&问卷分析Website/app traffic comparison网站/应用流量比较Diary study&community research日记&社群调研 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 51400+clients for the past 10 yearsSome of our references in the premium and luxury segments 2021 DAXUE CONSULTINGALL RIGHTS RESERVEDOur testimonialsManaging Director Palmer Hargreaves“The communication,structure,problem solving and support we received from the team throughout the project was fantastic,andit provided us with the ideal structure to keep the client engaged and confident of the deliverables.In terms of the outputs/deliverables,I was very pleased