different needs, taste and want for the products. A WeChat official account and mini programs have now become the basic tool for communication to Chinese consumers. We often spend time connecting with them and asking who the latest key opinions leaders they are following. Wealthy Chinese consumers spend a lot of their time in the digital world and it is a great way to access them for any brand looking to reach them. There has been a transition of sorts in the Chinese luxury markets. This milestone followed similar ones made by luxury auto brands Audi, BMW and Mercedes-Benz. One of them, Colin Huang (No. Officials were asked to come to work with sober outfits. According to reports by McKinsey, the number of Chinese millionaires is expected to surpass that of any other nation by 2019, and by 2021 China is expected to have the most affluent households in the world. Each of these 7 million households spends on average £7,500 in luxury goods every year which to again put this into context is twice what French households are spending. This was caused by growing incomes and better accessibility to Chinese luxury goods (more foreign brands establishing themselves in China). Segmenting the Chinese Luxury Goods Markets Compare and co... Segmenting the Chinese Luxury Goods Markets. These segments have According to real estate services provider Savills, more than three quarters of Chinese consumers’ spending on luxury goods is done while traveling abroad. The trend of greater and greater Singles Day spending also means that household disposable incomes in the world’s second-largest economy are rising as well.
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Chi-a customer and consumer segmentation consists of high-class The Chinese government’s reduction in import duties and stricter controls over gray markets—combined with brands’ efforts to narrow the price gap with overseas markets—have led more Chinese consumers to make their luxury purchases in China, instead of traveling to previous bargain locales such as Hong Kong, Seoul, Tokyo and cities in Europe.
Once you have spent the money to reach luxury consumers then you can get your brand viral through a very communicative number of luxury consumers. Among them, of course, is Jack Ma himself, cofounder and former executive chairman of Alibaba. I’m a Toronto-transplant who is currently the CEO and chief investment officer for San-Antonio based U.S. 39)—cofounder of popular e-commerce platform Pinduoduo—is the first self-made entrepreneur born in the 1980s to enter the top ten, having grown his wealth $5.7 billion from last year.