Digital Creative Asia’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

In July, we saw the drastic results of luxury brands, with a huge shift of consumption away from the Chinese market, onto other regions, particularly Japan. While revenue generation has been the main focus, we often forget that clientelling plays a crucial role (together with product offering and brand management), on how to attract and retain luxury consumers. I recently wrote a piece on the client segmentation in China, and how they are impacted by travel, price arbitrage and levels of service at luxury brands. Thank you Aurelien Rigart and his incredible team at IT Consultis for editting and compiling this article. #china #luxury #chineseluxuryconsumers #LVMH #Kering #Richmont

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

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.

💼🌍 Luxury Brands Hit Hard as Chinese Customers Refuse to Buy 🌍💼 In a surprising turn of events, many luxury brands are feeling the impact as Chinese customers, a major market segment, are increasingly refusing to buy high-end products. This shift is causing ripples across the global luxury market. 🔹 Key Points: Market Influence: Chinese consumers are a significant force in the luxury market, contributing a substantial portion of global sales. Changing Preferences: Various factors, including economic shifts, changing consumer preferences, and global tensions, are influencing this trend. Brand Strategies: Luxury brands are now re-evaluating their strategies, focusing on new markets and innovative approaches to regain momentum. This development highlights the importance of understanding and adapting to evolving consumer behaviors in the ever-changing global market. #LuxuryBrands #MarketTrends #ConsumerBehavior #GlobalEconomy #FashionIndustry #ChineseMarket #BusinessNews

🌟 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

"A great experience sells products. If you love a treatment/create a moment you want to remember it. It's like buying a souvenir at Disneyland". Our latest blog digs into new research and explores the current state of play, and what brands can do to adapt. #LuxuryMarket #Personalization #RetailInnovation #TheRetailSuperApp #CustomerExperience 

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

New work for The Future Laboratory: Australia’s luxury market is growing, with global brands scaling up and local labels making their mark in a competitive landscape. In this report, I cover the rise of new luxury precincts in cities like Perth, Western Australia as well as one of the most interesting developing trends: the increased investments brands are making in "localising" their identities to cater to Australian customers attitudes and tastes. Brands are doing this primarily via marketing. Whether or not brands engage in sustainable production practices is an increasingly important factor that is influencing consumer behaviour, and some high-end Australian-born brands are also positioning themselves as more "premium". Full report: https://lnkd.in/gcE_4H8E

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 💎✨👟