Aspiegel’s Post

China's luxury market, driven by domestic spending, younger consumers, and sustainability, presents European brands with growth opportunities demanding tailored strategies and digital engagement. Here's how brands can capitalize: https://bit.ly/4bAi1go #ad #apacmarketing #luxurymarketing

Decoding China's Luxury Consumer: How Brands are Adapting to New Demands. Jing Daily #ChinaLuxury #ConsumerTrends #LuxuryBrands #MarketStrategy #DigitalInnovation #ChineseMillennials #LuxuryMarketing #BrandAdaptation #EvolvingConsumer #LuxuryInsights.

China's luxury market is rebounding, but brands can't rely on traditional strategies alone. 📈 Learn how luxury brands can leverage digital products to: 🚀 Streamline internal operations and workflows 💻 Strengthen their online presence and engagement 🧑🎨 Offer personalized experiences that delight tech-savvy Chinese consumers Find out what can help you thrive in China's dynamic luxury landscape. #ChinaLuxury #DigitalInnovation #CustomerEngagement

How often should you be live-streaming in China? Could your brand handle 80 live-streams per month, just on one platform? The Chinese luxury brand ZHUCHONGYUN does about 2-3 live-streams per day, that's around 80 per month, just on Douyin (#TikTok) They are also using #Xiaohongshu for live-streaming... in fact the brand has multiple Xiaohongshu accounts to engage customers in different ways The brand's designer-level pieces range from coats costing $210 to $2600, shirts from $125-$1240 and accessories from $110-$620 Their marketing highlights heritage, craftsmanship, and design philosophy to build an emotional connection with consumers We did a deep dive into what makes this Chinese brand stand out + what other brands can learn in our latest newsletter 👉🏼 https://lnkd.in/g2TqhxS8

A highly nuanced look into China's luxury market and some of the key factors that impact its evolution: consumer polarization, local identity, social attitudes, and distribution strategies. Check out the full analysis below

Fantastic article on the current trends in the Luxury Retail space within the Japan market, and it perfectly alligns with what we at Key Consulting have been hearing from some of our clients within that space. While there has been some slowdown in Q3 spending compared to Q1 and Q2, the Luxury Retail space in Japan is still full speed ahead. Japan seems to be one of the few, if not the only market globally where this is occuring. As stated in the article, one reason could be "a combination of wage increases and the strengthening of the yen is driving consumer spending confidence in Japan". It will be interesting to see what 2025 brings with it, and if the Yen makes a U-turn in terms of strength, what effects this will have on spending from shoppers abroad. What are your thoughts? https://lnkd.in/grabd4gU

A very powerful piece of advice in this article: international brands aiming to enter the Chinese market need to “respect and understand Chinese culture” BEFORE finding points of convergence with their own values. #brandsuccess #china #consumer #culture #luxury https://lnkd.in/gnPCCAaT

News around the Globe :- "Luxury brands feel the sting as Chinese growth slows" The luxury goods market, which has long relied on China for growth, is experiencing a downturn as the Chinese economy slows. Here are some key points on how this impacts luxury brands: 1) Reduced Consumer Spending: As economic growth slows, Chinese consumers are cutting back on discretionary spending, including luxury goods. This has a direct impact on sales for luxury brands that have heavily invested in the Chinese market. 2)Changing Consumer Preferences: There is a shift towards experiential luxury (such as travel and dining) over material goods. Brands need to adapt their strategies to cater to these evolving preferences. 3)Regulatory Environment: Increased scrutiny and regulatory measures by the Chinese government, such as anti-corruption campaigns, have also impacted the demand for high-end goods. 4)Digital Transformation: Brands are focusing on strengthening their digital presence to attract Chinese consumers who are increasingly shopping online. 5)Diversification: To mitigate risks, luxury brands are diversifying their market strategies, targeting other regions and expanding their product lines to appeal to a broader audience. Overall, the slowdown in China's economic growth poses significant challenges for luxury brands, necessitating strategic adjustments to maintain their market positions.

Reflecting on recent article published by Jing: https://lnkd.in/gmnuvypF Western luxury brands face significant challenges in adapting to China's market predominantly driven by Gen Z cluster (avg. 29 year old) due to cultural misalignment and slow adaptation of tech. Surprisingly, majority of brands seems struggle to resonate with Chinese consumers' desire for authenticity and culturally relevant narratives. Moreover, there is a lag in offering immersive digital experiences and personalized services that Chinese Gen Z expects. Reasons for these shortcomings may vary from rigid corporate structures to "simply" due to complexity of integrating advanced technologies into existing frameworks. POV: If these brands fail to quickly apply learning from their experiences in China, will they risk facing similar issues in Southeast Asia, where local competitors are already leveraging cultural insights and digital innovation to capture market share. If yes, this might result in a significant loss of relevance and revenue in SEA burgeoning markets like Thailand, Vietnam, Indonesia and Philippines. What's your take on that? #dentsu #dentsutotalcommerce #dentsutechnology #dentsuinsights

2024 has seen a notable shift in consumer behaviors driven by economic uncertainty and consumption downgrade trends, especially in the China market. 💵 As consumers become more RATIONAL and VALUE-CENTRIC in spending, they are increasingly drawn to cost-effective alternatives, ranging from mid- and lower-end brands to white-label products without brand logos and “imitation brands”. 🧩 So, what does this mean for luxury brands navigating the Chinese market? Brands need to PROACTIVELY maintain their edge - bring luxury back to its true essence by elevating quality, creativity, storytelling, and services/experiences - in an authentic, relevant, and seamless way, ensuring they stay iconic, irreplaceable, and deeply resonant with the evolving demands of smart consumers. What do you think of the rise of imitation brands? Share your take below.