Chinese shoppers buy luxury Western & Chinese brands
European luxury brands worried about the impact of a slowing Chinese economy may also have to contend with the rise of home-grown luxury brands, as a new report shows the preferences of Chinese consumers are changing.
When a marketing consultancy, surveyed 600 “luxury targets” as part of its luxury attitudes study, it found that 84% agreed that “In the future, Chinese luxury brands will be just as good as Western luxury brands.”
The research showed that 14% bought Chinese brands first while also considering Western ones and another 22% said they bought both international and Chinese brands.
The survey found that respondents had distinctly different views on what luxury brands from the two camps represented.
While Western brands were seen as being expensive, exclusive and reflecting the latest trends, Chinese brands, on the other hand, were focused on authenticity and a long history, with strong heritage and great craftsmanship.
And of these attributes, authenticity was the most defining element of what constituted a luxury brand, whether Chinese or Western. After that came customer service (28%), craftsmanship (56%), quality and sophistication (both 53%), great design (52%) and heritage (48%).
Savvy Some Chinese customers in mind. Earlier this year, Francis Belin, for Greater China at Swarovski, the crystal jewellery and accessories group said that some brands had a condescending attitude.