LUXE in China – New Horizons for Luxury Brands
An Exploration into the Trends that are Defining China’s Luxury Consumer Experience.
In a new installation of our much-anticipated LUXE reports, this year we take a magnifying glass to global luxury brand engagement in China.
In 2021, the growth of the luxury personal goods market in China saw double-digit growth of 36% year-over-year –driven by a swell of domestic Mainland sales as the pandemic continues to linger across the world. It is this refocusing by luxury brands toward domestic Chinese consumers that has fueled the creation of new digital engagement strategies, now being used to transform the relationship between luxury consumers and brands. We are seeing the world’s largest luxury players breaking new boundaries in China – expanding into virtual and metaverse mediums, leveraging live formats to build intrigue and connection in real-time, and continuing to create fresh definitions that trend further and further away from the “traditional” luxury brand lifestyle and experience.
In this report, we explore four key trends that point toward luxury’s future place in the lifestyles of up-and-coming generations in China and around the world.