The lifestyle of Rich Chinese

With the rise of Rich Chinese people, who spend a lot of money on luxury and extravagant lifestyle, International Luxury brands are willing to take part in this huge market. In fact, the Millennials, who account for around 30 percent of the sector’s China sales, are a demographic less sensitive to wider economic factors, executives said.

“There is the growth in China of a very strong upper class or upper middle class,” Jean-Paul Agon, Chairman and CEO of cosmetics group L’Oreal (OREP.PA). “the biggest difference between the actual millennials and the middle-upper class is they absolutely not hesitated to buy luxury brands.” Generally, single children armed with family money, the 20-34 year old demographic started buying luxury brands at a young age and purchases more frequently from jewelry and fashion to cosmetics and handbags, industry experts say.

 

Inside The Lives Of The Rich Kids Of China

 

Earlier this year a luxury brand Bain & Co. presented a report which showed that luxury items such as designer handbags and fine jewelry increased of 2-4% to as much as $290 billion in 2017 alone. Now that figure represents China and Europe but pulling back the curtain on the report shows that the increase is predominantly coming from “the growing appetite for luxury brands among the Chinese consumers.”

There are e-commerce giants such as Alibaba, who recently launched the Luxury Pavilion, an invite-only platform strictly for the top of the line brands that are specific to their T-mall business to the consumer venue that are fully aware of this expected increase.

Luxury services clubs that deal with extravagant requests for their clients, including things such as the hiring of a private island in the Maldives and bidding for a $2-million sports car at a London auction, are quickly becoming popular among the Chinese elite.

British luxury club, founded in 2000 which serves 250,000 clients around the world, is one of the oldest and largest luxury lifestyle management services in the world. If 10 years ago, it had no clients on the Chinese mainland, actually they have more and more Chinese ultra-rich clients.
However, their different consuming behaviors toward digital applications will definitely lead to a group of fresh marketing strategies in the industry of China. Every detail of the plan must apply digitally.

The future of shopping experience for luxury consumers

Another report also said online sales channel, including brands’ official sites, e-tailers and retailers’ e-commerce platforms, will reach 25% of the market value by 2025, up from 10 percent in 2018. Beauty and accessories categories experienced rapid sales growth online as these items do not require buyers to physically try on.

In addition, 100 percent of luxury purchases by 2025 will be influenced by an online interaction, Bain & Co. said, which calls for brands and retailers to consider the digital footprints of luxury shoppers – how to direct them to reach loyalty level, from awareness, consideration, and purchase.

Online influencers, social media, and content commerce have come together to shape the future of shopping experience for luxury consumers. This is particularly advanced in China, where the nation sees the rise of all types key opinion leaders (KOLs) and different social media platforms, such as WeChat, Little Red Book, Weibo, and Douyin, that assist brands in selling items.

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