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The Chinese Luxury Market - A Visual Story

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The Chinese Luxury Market - A Visual Story

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The growing fascination over the Chinese market is felt in almost all industries around – especially within the luxury sector. Study after study reveals that China is an important market that luxury brands shouldn’t – and couldn’t – ignore. However, confronting the realities on the ground could be challenging, albeit necessary for a brand to truly succeed in this market. What are the types of Chinese millionaires? Where do they live? How do they make their purchase decision? Take a look and find out.

The growing fascination over the Chinese market is felt in almost all industries around – especially within the luxury sector. Study after study reveals that China is an important market that luxury brands shouldn’t – and couldn’t – ignore. However, confronting the realities on the ground could be challenging, albeit necessary for a brand to truly succeed in this market. What are the types of Chinese millionaires? Where do they live? How do they make their purchase decision? Take a look and find out.

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The Chinese Luxury Market - A Visual Story

  1. Luxury The Chinese Market A V I S U A L S T O R Y
  2. THECHINESELUXURYMARKETTHECHI NESELUXURYMARKETTHECHINESELU Editor’s Note: THECHINESELUXURYMARKETTHECHI NESELUXURYMARKETTHECHINESELU THECHINESELUXURYMARKETTHECHI The growing fascination over the Chinese market is NESELUXURYMARKETTHECHINESELU felt in almost all industries around – especially within THECHINESELUXURYMARKETTHECHI the luxury sector. Study after study reveals that China is an important market that luxury brands shouldn’t – NESELUXURYMARKETTHECHINESELU and couldn’t – ignore. According to the latest Chinese THECHINESELUXURYMARKETTHECHI Millionaire Wealth Report by Hurun, there are now NESELUXURYMARKETTHECHINESELU more than a million millionaires in China! However, confronting the realities on the ground could be THECHINESELUXURYMARKETTHECHI challenging, albeit necessary, for a brand to truly NESELUXURYMARKETTHECHINESELU succeed in this market. What are the types of Chinese THECHINESELUXURYMARKETTHECHI millionaires? Where do they live? How do they make their purchase decision? Take a look and find out. NESELUXURYMARKETTHECHINESELU THECHINESELUXURYMARKETTHECHI Darwin Jayson Mariano NESELUXURYMARKETTHECHINESELU IQPC Worldwide THECHINESELUXURYMARKETTHECHI NESELUXURYMARKETTHECHINESELU
  3. Today, Chinese consumers account for about 2% of worldwide* luxury consumption *estimated at around $145 billion Source: http://www.industryweek.com/global-economy/china-claim-one-third-luxury-market
  4. In 2015, China will account for one-third of the global market* for luxury goods *estimated at around $175 billion Source: http://www.industryweek.com/global-economy/china-claim-one-third-luxury-market
  5. 1,020,000 number of millionaires in China
  6. That’s a million Millionaires in China
  7. The Millionaire Types Stock Market Investors High- Salaried Executives Private Business Owners Real Estate Investors
  8. Where do Chinese millionaires live?
  9. Top 10 cities with the highest concentration of millionaires (pax in thousands) Beijing 179 Shanghai 140 Guangzhou 55 Hangzhou 53 Shenzen 52 Nanjing 24 Wenzhou 22 Suzhou 20 Ningbo 20 Dongguan 18 Source: The Chinese Millionaire Wealth Report 2012
  10. Luxury Preferences of Chinese Millionaires
  11. Top Things Chinese millionaires spend on 1. Travel 2. Child’s Education 3. Daily Luxuries 4. Entertainment 5. Gift Giving 6. Collection Collection 7% Gift Giving 9% Entertainment 14% Daily Luxuries 21% Child’s Education 25% Travel 25% 0% 5% 10% 15% 20% 25% 30% Source: The Chinese Millionaire Wealth Report 2012
  12. Luxury Brands: Preferred Jewellery 1 2 3 Source: The Chinese Millionaire Wealth Report 2012
  13. Luxury Brands: Preferred Apparel Men Women Source: The Chinese Millionaire Wealth Report 2012
  14. Luxury Brands: Preferred Accessories/Writing Kits Accessories Writing Kits Source: The Chinese Millionaire Wealth Report 2012
  15. Preferred Brands for Gifting 1. Louis Vuitton 2. Cartier 3. Hermés 4. Chanel 5. Moutai 6. Apple 7. Dior 8. Prada 9. Rolex 10. Armani Source: The Chinese Millionaire Wealth Report 2012
  16. Marketing Luxury Brands in China
  17. To get the Chinese millionaires’ attention, Luxury brands are investing in these media: Unit: Million RMB Data Period: Year of 2011 Source: The Chinese Millionaire Wealth Report 2012 Data Source: CTR, CODC and iResearch
  18. The Top 3 Media spenders are Cosmetics brands
  19. Top 10 Luxury Brand Media Investment Unit: Million RMB Data Period: Year of 2011 Data Source: CTR, CODC and iResearch Source: The Chinese Millionaire Wealth Report 2012
  20. Wealthy Chinese love to shop at fancy stores
  21. They also love to shop online
  22. A lot of them!
  23. Do you shop online? 14% Yes 86% No 14% 86% 86% of millionaires indicated that they engage in online shopping, spending an average of RMB 20,000 a year. Source: The Chinese Millionaire Wealth Report 2012
  24. How much do you spend shopping online? RMB <1000 20% RMB 1,000-19,000 31% RMB 10,000-50,000 37% RMB>50,000 12% 37% of millionaires indicated that they spend between RMB 10,000 and 50,000 in online shopping. Source: The Chinese Millionaire Wealth Report 2012
  25. Digital Products 61% Books 49% Preferred Clothing 47% Online Home Appliances 39% Daily Necessities 33% Shopping Virtual Products (game/rechargeable) 31% Products Luxury Goods 24% Food 18% Cosmetics 14% A significant 24% of millionaires indicated that they shop for Luxury Goods online. Source: The Chinese Millionaire Wealth Report 2012
  26. In a nutshell
  27. There is a growing population of wealthy Chinese
  28. with a strong appetite for Luxury Goods
  29. To succeed, Luxury brands must confront the realities of the Chinese market.
  30. Message from Rupert HOOGEWERF Chief Researcher, Hurun Report | Chairman, Luxury Marketing China Summit Dear Colleague, It is my pleasure to invite you to the Luxury Marketing China Summit 2013 (24-25 April 2013, Beijing, China). A recent study showed that China is set to become the largest luxury and luxury e-commerce market by 2015. There is no denying that China is going to be one of the biggest luxury markets in the next five years. Featuring dedicated presentations on how luxury brands in China utilize branding and e-business strategies to penetrate and expand market share in the Chinese luxury industry, this event will provide you with the latest insights on how you can strengthen your position within China’s luxury market. Luxury Marketing China Summit 2013 is set to surpass all expectations. I personally am very excited to be chairing the Summit this year. Let us meet in Beijing this April. Rupert HOOGEWERF
  31. Be part of the finest luxury marketing conference in China CHINA LUXURY MARKETING SUMMIT 24-25 April, 2013 | Renaissance Beijing Capital Hotel, China OPTIMIZING MARKET SHARE AND BRAND AWARENESS IN CHINA THROUGH EFFECTIVE LUXURY BRANDING & E-BUSINESS STRATEGIES To attend the conference, email enquiry@iqpc.com.sg or call +65 6722 9388 www.luxurymarketingchina.com
  32. DISCLAIMER Please note that we do all we can to ensure accuracy and timeliness of the information presented herein but errors may still understandably occur in some cases. If you believe that a serious inaccuracy has been made within the text, please email darwin.mariano@iqpc.com.sg. This content is provided for information purposes only. IQPC accepts no responsibility whatsoever for any direct or indirect losses arising from the use of this report or its contents. REFERENCE The Chinese Millionaire Wealth Report 2012 by Hurun Report To access the fulll report, visit: www.hurun.net Hurun Report Inc. is a luxury publishing and events group based in Shanghai, China. Hurun Report Inc. has a stable of four luxury magazines, the Hurun Research Institute and an active business events division targeting China's entrepreneurs and high net worth individuals.

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