Luxury Domestic Market Can Do Better.

After observing the common behavior of the population group, Bain's survey found that the boundaries of the consumers' segmentation were fuzzy, and the brands that consumers preferred were more and more diversified, and the factors such as exclusive, high quality, high performance price ratio and no obvious trademarks became more and more important.

Bain's survey of 1400 Chinese consumers found that they are more likely to transform luxury brands. 70% of the respondents claimed that they liked to try different brands and styles, which led to more obvious brand diversification, and provided more competitive opportunities for the aggressive brand from the traditional brand competition from the needs and desirability. The survey shows that nearly 45% of respondents plan to buy more emerging luxury brands in the next 3 years.

Bruno lenner, author of the 2014 global luxury Research Report of Bain, pointed out: "the market space of luxury brands in China is fully open. This opens up new market opportunities for emerging brands. At the same time, the traditional big names should not be complacent, because the Chinese luxury market is constantly developing or changing, otherwise they will be faced with the risk of "disgrace" among Chinese consumers.

At present, Luxury brand Not only do we need to compete for larger share of consumer spending, but we also need to compete with consumers' increasing interest in luxury tourism and experience such as spas and cruise ships. The survey found that 55% of consumers said they had spent money in luxury hotels or resorts, and 80% said they would increase their spending on leisure travel in the coming year compared to traditional shopping trips.

In this case, the exclusive and fashion elements have become the winners this year. Despite the blocked market growth, limited edition, fashion focused products and designers collaborate to promote the growth of some brands.

"The future positioning and popularity of the brand in the luxury market depends on their willingness to transform their ideas to serve the increasingly mature and well-informed Chinese consumers," he said.

Bain survey found that Chinese consumers bought Luxury goods 70% of them are purchased overseas or purchased by purchasing agents. Among them, the mode of purchasing or sending overseas customers to buy and send them to Chinese customers has grown rapidly. In 2014, the scale of China's luxury overseas purchasing market was estimated at 55 billion to 75 billion yuan, mainly in cosmetics, followed by Leather bags Watches and jewellery account for about 50% of China's stores. Japan and Korea were the big winners of China's consumer destinations in 2014.

Looking ahead, lner predicts that similar trends will emerge in China's luxury goods market this year, including luxury buyers becoming younger, mature and specialized, and committed to redefining luxury goods, and more and more consumers are seeking a full range of experiential extravagance. He suggested that luxury brands should take several actions to maintain their competitive edge:

Enhance the sense of belonging and VIP experience: including improving the VIP plan, creating exclusive customized store formats and product categories / products, and focusing on targeting suitable store locations and suitable consumer groups, rather than focusing solely on store sales growth.

Starting from the 3 elements of fashion, design and exclusive, we tailor marketing activities to mature and high-quality Chinese consumers and formulate regional strategies to better serve customers and provide cross-border experience.

Promote full channel contacts, including expanding channels to e-commerce platforms, and digital marketing on social media platforms such as WeChat and micro-blog.

"In the era of brand remolding, luxury brands in China must get rid of traditional ideas and channels and follow the footsteps of consumers. Otherwise, they will face the risk of losing customers. This is a challenge for many brands, and those brands that know how to integrate with consumers will get rewards from it," he said.