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
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
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
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
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.