Following Jing Daily article today “Chinese shoppers are known as heavy luxury consumers, accounting for 30% of all luxury goods purchased worldwide”.
China, a strategic market, asks for an extra effort to all the brands willing to succeed in such a region.
The must for every brand is to understand how to set up a tailor made approach wisely mixing the Brand history, heritage, DNA and the market needs.
There is no standard recipe that can be sold nor bought.
There is no “Gucci kit” available for this.
The only key is knowledge and vision, keeping also the awareness that what works with the Chinese customers doesn’t necessarily work with French, Japanese or Americans.
The worst mistake a company could do is:
– to only focus on Chinese customers
– to obsess about growth in China only
– to forget to work on a balanced geographical distribution
China growth is slowing down and the Chinese Millennials, following Jing Daily “a survey from HSBC shows that the debt-to-income ratio of China’s post-’90s generation (people born from 1990 and 1995) has reached an incredible 1,850 percent”.
Better to continue to keep an eye also on the rest of the world.