中国市场概览 China Market Overview · 2016. 7. 29. · Summary： • Chinese domestic luxury...

中国市场概览 China Market Overview

Luxury

© 2016 Beyond Summits

Summary：

• Chinese domestic luxury market did not grow for the first time in 2014. However, economic

slowdown and government’s anti-corruption implementation aggravate the stagnancy of luxury

market. However, in the future, 90% of luxury users will continue their purchase in a more

rational way in 2015.

• As to Chinese consumers, they pay more attention to products’ genuineness, customer

services and exquisite craftsmanship. Domestic tourists often purchase luxury from airport

duty-free stores. However, they prefer to buy luxury from overseas exclusive stores on their

own.

• Self-consumption products, such as watches, clothes, shoes, luggage and leather products

were welcomed by consumers, while cosmetics and jewelry were purchased more often as

gifts. Deluxe wine/foreign liquor were suitable for both self-consumption and gifting.


3

106

116 115

0

20

40

60

80

100

120

140

2012 2013 2014

China Luxury-goods Market Size (2012-14) (￥ bln)

30%25%

20%

22%25%

30%

15%15% 13%

11%10% 13%

6%7% 5%

6%6% 7%

5%5% 6%

5% 7% 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014

2012-2014 China Luxury-goods Market by Products (￥100

mln)

Accessory

Womenswear

Shoes

Jewelry

Menswear

Bags and Suitcases

Cosmetics, Perfume,Productsfor Personal Use

Watches

Source：Bain & Company, China Luxury-goods Market 2014

China luxury-goods market volume, for the first time, has no growth in 2014，and it might be

caused by government anti-corruption measures and decreased growth rate of China economy.


4

Purchase Western Brands first and then

Chinese Ones, 51.0%

Purchase both Western and Chinese

Brands, 22.0%

Purchase Chinese Brands first and then

Western Ones, 14.0%

Purchase Western Brands Only, 9.0%

Purchase Chinese Brands Only, 4.0%

Purchase Intension of Chinese Consumer for Luxury Brands (2014)

Source： Added Value, China Luxury-goods Market Insight 2014

Chinese consumers are open to local luxury brands in terms of their purchase intension. And they

think what western luxury brands convey is different from Chinese ones.

For Western Brands For Chinese Brands

• Expensive

• Trendy

• Elegant

• Historical

• Heritaged

• Exquisite

• Genuine

Since Chinese consumers are more capable of

appreciating exquisite handcraft and historic heritage,

local brands are becoming popular and successful.


5

Intending to Purchase, 90.0%

Not Intending to Purchase, 10.0%

Purchase Intension for Chinese Consumers of Luxury Goods (2015)

40% 50%

29%

19%

31% 32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Expenditure in 2014 Expected Expenditure in 2015

Percentage of Luxury Goods Consumer Expenditure (2015)

>￥50000

￥30000-￥49999

<￥30000

Source：FT China, Luxury-goods Market Report 2015

10% of people who have purchased luxury goods last year have no intension to buy luxury goods

in 2015. In 2015, percentage of consumers who intend to spend over 50 thousand RMB on luxury

goods has not changed much and percentage of spending below 30 thousand RMB has increased.


6

61.0%58.0% 56.0%

53.0% 53.0% 52.0%48.0%

Genuineness

Good Quality

Good Consumer Service Exquisite Handcraft

Rich Essence Fine Design Heritage

Chinese consumers think that three main attributes possessed by a luxury brand are genuineness,

good consumer service and exquisite handcraft regardless of western or local luxury brands.

Source： Added Value, China Luxury-goods Market Insight 2014


7

28,198 56,749

35,310

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Average Expenses in 2014 Expected AverageExpenses in 2015

Budget for Luxury Goods (2015)

8,467 29,642

11,601

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


Budget (< ￥40 ths) for Luxury

Goods (2015)

45,627 81,538

56,050

0

20,000

40,000

60,000

80,000

100,000

120,000


Budget (> ￥40 ths) for Luxury

Goods (2015)

Budgets per person for luxury goods will reduce 11% in 2015, compared to expenses in 2014. The

number of consumers spending below 40 thousand RMB is expected to increase 48% in 2015

while numbers over 40 thousand RMB will reduce 20%.



8

23%36%

26%34% 32%

14% 11%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jewellery Shoes Watches Bags & Luggage Cosmetics Wines Others

Percentage of Luxury-goods Categories for Personal Use (2014) (Expending < ￥40 ths)

38%

52%53% 54%

41%33%

1%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Percentage of Luxury-goods Categories for Personal Use (2014) (Expending > ￥40 ths)

For personal use, consumers expending over 40 thousand RMB have purchased more product

categories, compared with consumers expending below 40 thousand RMB.



9

26%

14% 10%20%

34%

16%22%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Percentage of Luxury-goods Categories for Gift-giving Purpose (2014) (Expending < ￥40 ths)

43%34% 27%

40%

55%

30%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Percentage of Luxury-goods Categories for Gift-giving Purpose (2014) (Expending > ￥40 ths)

For gift-giving purpose, consumers expending over 40 thousand RMB have purchased more gifts,

compared with consumers expending below 40 thousand RMB, especially on cosmetics, jewelry

and bags & suitcases.



10

45.0%

45.0%

40.0%

37.0%

31.0%

24.0%

Apparels & Shoes

Leather Goods

Watches

Makeup/Fragrances

Jewellery

Wines

Luxury Goods Categories for Personal Usage (2014)

45.0%

35.0%

30.0%

25.0%

24.0%

19.0%

Makeup/Fragrances

Jewellery

Leather Goods

Apparels & Shoes

Wines

Watches

Luxury Goods Categories for Gift-giving Purpose (2014)

For personal use, watches, shoes and bags and suitcases are the most popular categories of

luxury goods. For gift-giving purpose, cosmetics and jewelry are relatively popular. High-end wines

are welcomed for both personal use and gift-giving purpose.



11

53%

48%

46%

39%

18%

17%

15%

12%

35%

17%

17%

7%

7%

4%

Airport Duty-free Store

Overseas Exclusive Store

Domestic Luxury-goods Store

Purchasing via Overseas Friends

Luxury Brand Online Website

Agent Website like Vipshop

Agents on Websites, Taobao

Purchasing Approaches of Luxury Goods China (2014)

General Approaches Primary Approaches

Chinese visitors often buy luxury goods in airport duty free shop; however, they prefer to purchase

luxury goods in overseas exclusive store by themselves.



12

2014 Makeup WatchesBags &

LuggageMenswear Womenswear Jewellery Shoes Accessory

1 Chanel Cartier Coach Armani Armani Bvlgari Chanel Dunhill

2 Dior Longines Gucci Hugo Boss Burberry Cartier Gucci Gucci

3Estee

LauderOmega Hermes Burberry Chanel Chow Tai Fook LV Hermes

4 Kiehl’s Rolex LV Dior Dior Tiffany & Co.Salvatore

FerragamoLV

5 Lancome Tissot PradaErmenegildo

ZegnaMaxMara Van Cleef & Arpels Tod’s Montblanc

Expenditures on Different Categories of Luxury Goods Brands

Source：Bain & Company, China Luxury-goods Market 2014


13

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2015 China Overview, covering Chinese economy, media and markets, is a set of yearly research report conducted and

published by Beyond Summits Ltd, a leading all-media total solution provider focused on cross-border brand building &

destination marketing in China. This report aims to summarize domestic industries’ status in 2015, introduce Chinese market

knowledge to overseas stakeholders, and propose Chinese market insights. The whole set of China Overview includes 20 sub-

topics including economy, city, people, the rich, luxury, investment, auto, tourism, immigration and cross-border business, as well

as Chinese all media, internet, mobile internet, social media, TV, radio, print, OOH, movie and airport.

This report is the full version of 2014-2015 China Overview Luxury Market Report. More reports can be downloaded from

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中国市场概览 China Market Overview · 2016. 7. 29. · Summary： • Chinese domestic luxury...

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