By: Evelyn Rusli
“Fashion fades, only style remains the same,” says Jasper Liu, 26, summarizing his approach to shopping by quoting Coco Chanel.
Liu, a self-described “Shanghai Hipster,” represents the nouveau riche of China. He reads English literature, watches European movies, drinks fine champagne and is a loyal patron of luxury retailers, namely Lanvin and Yves Saint Laurent.
The affection is mutual: Fashion houses with global ambitions are courting Chinese consumers like Jasper, eager to learn how they spend, why they spend and just how much they’re willing to spend. Read More
NEW YORK (AdAgeChina.com) — Chinese researcher Patricia Pao, who specializes in luxury marketing trends in China, offers ten tips to help advertisers reach affluent customers in the mainland.
1. Don’t ignore quality
Until the current recession, the Chinese appetite for luxury goods was so strong, luxury goods manufacturers could get away with doing little more than putting a label on merchandise with little regard for quality and value. Today, consumers are much more discerning about how they spend money and demand that luxury goods manufacturers provide quality.
A study conducted this year by Pao Principle shows mainland consumers no longer only care about logos and brand names. They buy luxury goods because they believe the quality is superior to comparable substitutes.
Over 88% of the study’s 448 panelists — all high net worth individuals, mostly women aged 20 to 39 — said they “strongly agreed/agreed” with the statement, “I buy products where design, quality, durability and performance were remarkably superior to other products.” Read More