As China’s luxury market matures, Chinese consumers are becoming increasingly diverse in terms of their tastes, attitudes, lifestyles, spending habits, brand preferences, and consumption of media.
In “China’s New Luxury Consumers: A Frontier Worth Planning For,” a new report released in a cooperation between Carat and Jing Daily, Carat has defined five key Chinese luxury consumer segments through its survey of over 10,000 respondents between the ages of 18-50 and located throughout Tier 1 and Tier 2 cities. All respondents are in the top 15th percentile in terms of income.
The report features in-depth studies of the following key segments, tracking their use of social media, spending on luxury e-commerce, travel spending, consumption of digital media, favorite brands, susceptibility to advertising, attitude toward luxury, and much more:
The Aficionado: With high knowledge of luxury and an individual sense of taste and style, this segment represents China’s trend-setters. This is the most wealthy segment and enjoys not only luxury shopping, but lifestyle activities such as golf and attending exhibitions.
The Epicurean: Obsessed with luxury, the Epicurean segment is led by fads and always searching for the latest trends on social media.
The Bling King: With low knowledge about luxury yet a high desire to impress, this segment is all about conspicuous consumption and sees luxury as a status symbol.
The Skeptic: Unlike the Bling King, the Skeptic sees luxury as overrated, yet puts high emphasis on quality and craftsmanship. This segment is much less susceptible to advertising and strongly considers price when making a purchase.
The Aspirant: The emerging segment of the group, aspirants love luxury but have little knowledge of brands but are eager for more information. This group is willing to explore and is highly influenced by word-of-mouth, social media, and key opinion leaders (KOLs) such as fashion bloggers.
In this new report, brands will have access to extensive survey data providing an in-depth picture of each segment, as well as a description of the luxury consumption “lifecycle” as consumers evolve.
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