The Belt and Road Initiative中国网 | 中文繁體 | 中文简体

Luxury goods companies require online development to cater to Chinese consumers: report

Description:Luxury goods enterprises require further online development in order to cater to young Chinese consumers’ consumption habits, said a report jointly released by Boston Consulting Group (BCG) and Tencent recently, Cyol.com reported.

Luxury goods enterprises require further online development in order to cater to young Chinese consumers’ consumption habits, said a report jointly released by Boston Consulting Group (BCG) and Tencent recently, Cyol.com reported.

The report said that Chinese millennials, born in the 1980s and 90s, have become the dominant force in the consumption of luxury goods.

Chinese luxury consumers are an average age of 28, while 71 percent of them are women. Most of the consumers have a Bachelor’s degree or above, and over 50 percent of them live outside of China’s 15 biggest cities, according to the report.

The report states that over half of the Chinese consumers usually buy luxury products on e-commerce platforms including Tmall, Alibaba’s Luxury Pavilion and JD.com.

Chinese consumers are more inclined to buy luxury goods on such platforms compared with consumers in the UK, the US and Germany, where only 23 percent of consumers purchase luxury goods on e-commerce platforms.

Chinese millennials usually obtain shopping information from various social media and online platforms, indicating that enterprises who specialize in luxury goods need to make every effort to draw the consumers’ attention online, rather than relying on selling products in their physical stores, said Wang Jiaqian, a manager of BCG.

Fan Yijin, a manager of Tencent, noted that 32 percent of the expenditure on global luxury goods now comes from Chinese consumers, and the figure is expected to rise to 40 percent in the next five years.

Source:People's Daily Online  Editor:Lucky

(Source_title:Luxury goods companies require online development to cater to Chinese consumers: report)

Home
About
top