China's Consumer Concept Changes The Cold Of Luxury Goods Industry

In July 3rd, a salesperson in the duty free shop of Narita airport was responding to foreign tourists' shopping.

Reported that over the past 10 years, Chinese consumers have grown to be the largest in the world.

Buying groups consumes about 1/3 of the world's luxury goods.

But now, with the key changes of consumers, luxury goods are facing a cold market in China, and luxury goods need to be considered.

According to reports, China has seen a new billionaire every week for the past six months. Since 2010, the number of millionaires in China has doubled, breaking 1 million.

As a result, many people predict that the luxury craze in China will continue.

Unfortunately, the opposite is true.

According to the China market research group, the growth rate of luxury consumption in China has declined in the past 12 months.

Prada said its profits in the two quarter of 2015 shrank by 44% due to poor sales in China.

The French Open Cloud group, which owns Gucci, Alexander Maqueen and Stella Macartney, found that sales in the Asia Pacific region decreased by 10% in the first quarter of this year.

Many analysts believe that the decline in profits stems from the anti-corruption campaign.

Is that so?

Reported that the anti-corruption does have a certain impact, but sales decline is not entirely caused by anti-corruption - sales decline is the result of changes in Chinese consumption preferences, people are buying from tangible goods to buy life experience.

The brand must be adjusted according to this new situation.

The report says, for example, China

In the past year, the research group interviewed dozens of wealthy Chinese who reached 12 million dollars.

Those respondents said they no longer displayed their identity by buying expensive bags.

These people turn to their social status in other ways, including buying third or fourth apartments in California and Sydney, or taking a lifetime trip abroad, like a French wine tasting trip.

Reported that in China, sharing such experiences with friends in social media such as WeChat, rather than buying the latest Louis Weedon bag, has become a new identity symbol.

Many areas are expected to make considerable progress; first of all, travel abroad.

The Chinese want to go to places that have never been taken up by other Chinese people.

Last year, a billionaire was interviewed at a six star hotel in Dubai.

Although the hotel was luxurious, the lady looked gloomy.

She said it was because there were too many Chinese around.

She hopes to go to a place where few Chinese people have been able to share this experience with WeChat friends.

It is reported that the Chinese are actively pursuing all kinds of adventure activities once in a lifetime.

They went to Africa to study and live in the best hostels.

They even went to the South Pole.

In fact, China is becoming one of the fastest growing markets in the Antarctic tourism business. From November 2011 to March 2012, more than 2300 Chinese tourists visited the Antarctic circle.

The per capita consumption of Chinese tourists in the United States also ranks first among all countries, and their consumption is the highest during the 2012 London Olympics.

In addition to tourism, Chinese people also want to buy unique items, according to the report.

For example, Chinese are pushing up sales of high-end art market in the world.

Wang Jianlin, the richest man in Asia, who spent more than 35 billion dollars, spent $28 million 200 thousand to buy a famous painting by Spanish artist Picasso.

Wang Zhong Jun, founder of Huayi Brothers, spent $62 million to buy a masterpiece by Van Gogh, a Holland painter.

It is reported that Chinese people do not buy anything simply to show off.

They combine investment more with show off.

They now value life style very much.

Now, wealthy Chinese are happy to spend money on life experiences and unique items rather than luxuries.

Although many analysts are looking for reasons for anti-corruption campaigns, the decline in luxury sales profits is really due to the fact that consumers are becoming more mature.

The brand should understand the latest development trend of Chinese consumption preference and adjust its strategy accordingly.