【行业报告】Daxueconsulting+中国时尚奢侈品市场报告_市场营销策划_2023年市场报告.pptx

China Chic:The Emergence of Chinese Luxury BrandsFebruary 2022 2CONTENT OUTLINE1. How Chinese consumers define luxury in China33. The impact of Guochao on China’s luxury industry14Hypotheses for the emergence of Chinese luxury brandsAbout us20422. Chinese luxury brands are gaining momentum7 How Chinese consumers define luxury in China1. Today in China, luxury means self-expression, self-actualization and community-buildingYounger Millennials and Gen Z are changing the definition of luxury in China, making luxury goods shift from being signals of social status to becoming instruments of self-actualization, self-expression and community-building.Elder generations used to consider luxury as mainly a symbol of high social status and opulence. However, as younger generations impose themselves as the main drivers of luxury consumption, the definition of luxury in China is gradually evolving.Today, young Chinese consumers regard luxury as a means to reward and express themselves in a more elevated and upscale way. Even though luxury goods are likely to be still important in signaling a high-end lifestyle, Gen Z are more eager to share, talk about and discover their luxury experience, thereby building a community of kindred spirits.Top 3 defining features of luxury goods by age groupBaby Boomers Millennials Gen-ZPriceSignaling a high- end lifestyleProfound historyPriceProfound historyUnique design aestheticsPriceUnique design aestheticsProfound historySource: Mazars (2019), N=3,23568%61%45%24%20%6%Reward for Pursuit of myself fashionSource: Tmall (2020), N= 3,000Uplift of confidenceIdentity statementGiftSignaling social statusEsteem-related reasonsChinese Gen Z’s main reasons for purchasing luxurySelf-fulfillmentpurpose4? 2022 DAXUE CONSULTING ALL RIGHTS INCLUDED For Millennial and Gen Z consumers, customization is not just a nice option, but a must-have, since customization allows them to express cultural identity. Therefore, it is an important driver of purchase.In t