The younger generation, represented by the post-80s and post-90s, accounted for 43 percent and 28 percent of the total number of luxury buyers, and accounted for 56 percent and 23 percent of China's total luxury goods consumption.
The majority of respondents and nearly 70 percent of the post-90s said they bought luxury goods to "feeling unique and show themselves, not to be everyone." Buying luxury goods has become a way of life that allows them to share experiences and deliver values online or offline.
For this reason, the first priority for luxury brands is to please the younger generation in China. Understanding them deeply, keeping up with them and entering their social circle determine the survival of the brand in the next decade, and digitization is the key to pleasing the core target population.
These young consumers are not loyal to the brand itself, but a combination of brand fashions. Instead of buying a variety of products from the same brand, they choose multiple brands and buy the most popular and identifiable products of each brand to show their differences.
Luxury goods are more and more like buying cosmetics, and the most attractive to consumers is the brand star products. The good news is that consumers of all ages in China are happy to have a taste for new brands that are interested in making a big difference in the Chinese market.
The most open-minded and the most extensive is the post-90s. But for consumers who are familiar with brands and heavy users of social media, it's not tempting to just do something about the brand. Brands must constantly update products and product stories, tailor-made videos, images, promotional soft text and other related marketing content to new products, and try to make each product a must-buy model like the Herm è s Platinum package.