Chinese Millennials, driven by self-consciousness, have changed their spending habits drastically. Distinct differences between them and the post-1990s, as well as how brands can actively engage them are highlighted in recent report “Making Luxury Brands Matter” released by Ogilvy China.
Here are some key takeaways from the report:
● A growth from 45% to 53% total share of consumption by 19- to 30-year-olds is expected in China by 2020.
● In 2024, Chinese luxury consumers, with two-thirds aged 18-30, will account for 40% of global luxury purchases by value (162 billion Euros or 1.266 trillion Chinese Yuan.
● For a long-lasting relationship with luxury consumers, brands should strive to reflect a variety of consumer tastes and styles through customization and personalization.
● To win Chinese luxury consumers, brands should focus on how products can help young consumers display their knowledge or showcase a unique experience, such as world travel, rather than showing extravagant life.
● Creating rarity – the feeling of privilege and exclusivity – is also the key to building rapport with Chinese luxury consumers.
● Adopting a friendly approach is the key for brands to target Chinese Millennials who prefer companionship.
● While omni-channel customer experience is another way to attract customers, social media is the most influential form of media for the development of social commerce for luxury goods.
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Source: Marketing Interactive