China Trading Desk’s Post

What Does Luxury Mean Today? Luxury has taken on a new meaning in 2024, focusing more on quality than cost. According to a Morning Consult study, 75% of US consumers define luxury by the quality of products, whether in retail, food, or travel. Comfort and exclusivity now reign supreme. Key Insights: • Superior Service: 72% of shoppers value excellent customer service, with exclusive access and personal shopping services close behind. • In-Store Experience: Despite the rise of e-commerce, many prefer the tactile experience of physical stores, even for secondhand luxury. • Gen Z's Twist: This tech-savvy generation favors online shopping for tech products but still values personalized service through platforms like WhatsApp. • Global Variations: Younger generations in China, India, and Mexico are the primary luxury consumers, offering a promising market. Luxury brands must balance staying trendy with maintaining their core values, embracing technology without losing the personal touch. How do you define luxury today? Share your thoughts below! https://lnkd.in/eeSsTuCP #Luxury #RetailTrends #ConsumerInsights #QualityMatters #CustomerExperience #TechInLuxury #GlobalMarkets

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

TL;DR: Gen Z luxury consumers prioritize experience over product, redefining the essence of luxury. Gen Z Values Experience Over Product : Today’s luxury market, especially among Gen Z, is evolving. A recent survey by Dotdash Meredith and Ipsos reveals that Gen Z is more interested in the experience of luxury shopping than the product itself. Style is the most common entry point into luxury, followed by food and wine, beauty, and travel. For Gen Z, luxury is less about material possessions and more about self-expression and the overall experience. This shift indicates that companies need to rethink their marketing strategies to cater to this demographic's preferences. What Youth Brands Need to Know: Gen Z defines luxury through experiences and feelings rather than cost. Brands must focus on creating memorable, feel-good experiences and engaging customer service to connect with this generation. Key Takeaway: Prioritize creating immersive and personalized experiences over focusing solely on the product's price tag to attract Gen Z consumers. #LuxuryExperience #GenZMarketing #FutureOfLuxury 💎✨👟

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

According to a recent survey, Gen Z consumers value the experience and emotional connection of shopping over the price tag. From stylish buys to travel adventures, it's all about how it makes them feel. Brands, take note: focus on unboxing moments, self-expression, and exceptional customer service to capture their hearts. #GenZ #LuxuryConsumers

A recent survey reveals that Gen Z luxury consumers prioritize experiences over products. The survey of over 1,500 U.S. adults highlights a shift in luxury perception, with style being the most common entry point into luxury, followed by food, wine, beauty, and travel. Gen Z, in particular, values self-expression and how luxury experiences make them feel, rather than the cost of the items. This trend indicates that the luxury market is becoming more inclusive and accessible, with younger and more diverse consumers reshaping the definition of luxury. For Gen Z, luxury purchases are often driven by self-narration and personal milestones rather than status symbols. The emphasis on experiences, unboxing moments, and showcasing accomplishments suggests that luxury brands need to rethink their marketing strategies to connect with this demographic effectively. As the luxury landscape evolves, how can brands adapt their marketing and customer service to meet the experiential expectations of Gen Z consumers? #lxuury #shopping #retail #genz

Luxury is going digital. By 2025, 30% of luxury sales will be online, driven by younger, tech-savvy consumers. Virtual try-ons, AR shopping, and seamless e-commerce are now essential. Is your brand ready to deliver digital-first, personalized experiences? The future of luxury is online, and the clock is ticking. https://lnkd.in/dX7TQR79

🌏 The Rise of Asia-Pacific in Luxury Goods: An Era of Personalization and Digital Transformation 🌏 The Asia-Pacific luxury goods market is estimated to grow from $141.82 billion in 2024 to $173.05 billion by 2029—a clear sign of the region's growing influence in the global luxury landscape. With China and Japan leading as top consumers, we see a robust economy and shifting consumer expectations. What's driving this growth? 1. Personalization - Today’s consumers want products tailored to their unique tastes. From customized leather goods to personalized luxury handbags, customers in APAC want brands to value their individuality and preferences. 2. Digital Channels - A shift from physical to digital shopping has revolutionized how luxury brands engage. Digital touchpoints, mobile apps, and tailored messages allow brands to offer seamless, high-touch experiences without the need for a store visit. 3. Sustainability & Social Responsibility - With a strong demand for ethically crafted goods, especially among younger buyers, APAC consumers are making brands rethink their environmental and social impact. In a market where brand loyalty hinges on a deep connection with consumers, luxury brands must prioritize innovation, sustainability, and digital strategies to remain competitive. 🌟 Are you ready to adapt to the new luxury landscape? Let's connect and explore how we can elevate your brand to meet these evolving trends. #LuxuryGoods #AsiaPacific #DigitalTransformation #Sustainability #Personalization #BrandStrategy

🌟 Check out the latest article on The Drum about Seizing China's Luxury Market 👇 China's luxury market, fueled by domestic spending, a surge in younger consumers, and sustainability, offers European brands immense growth potential. With China accounting for a significant portion of global luxury consumption, brands must tailor strategies and embrace digital engagement to succeed. Petal Ads, Huawei's mobile advertising platform, provides personalized campaigns tailored to Chinese consumers' preferences. Agility and creativity are crucial; brands must adapt to this evolving market and leverage digital innovation to thrive. By understanding the unique dynamics of China's luxury market, brands can position themselves for success and capitalize on the opportunities it offers. #PetalAds #HuaweiMobileServices #Huawei #TheDrum #AdvertisinginChina #ChinaLuxuryMarket

The luxury industry is undergoing a digital transformation, especially after the epidemic, consumers are increasingly inclined to experience and purchase luxury goods through online channels. However, in the face of this trend, how to maintain the brand's uniqueness and high-end image is still a key issue we need to solve. The integration of online and offline will become the main driving force for future growth. How to innovate the retail experience and enhance customer personalized services is a direction that we as luxury brands must continue to explore. What about your industry? #luxuryindustry#digitaltransformation#customerexperience"