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Published byJonathan McBride Modified over 8 years ago
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A View From
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Who is the Chinese consumer now?
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Global consumers of luxury goods Source: McKinsey; Goldman Sachs
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One million Chinese millionaires Average age: 39 60:40 male female split Four defined groups: – Private Business Owners – 50% – Stock Market Investors – 20% – Real Estate Investors – 15% – High Salaried Executives – 15% (but 0% of billionaires) Source: The Chinese Millionaire Wealth Report 2012 High net worth individuals…
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Source: WorldWatch Institure, 2012 who shop outside of China…
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Source: Global Blue 2011 2010 vs 2011 Italy Luxury Market 31% Growth overall 70% attributed to Chinese visitors €16.6bn Total Tax Free Market Size “The growth will definitely continue in Europe, especially as Chinese consumers pay so much less tax in Milan or Paris than they do at home.” - PETER EVANS THE WALL STREET JOURNAL to avoid high taxes on luxury goods…
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Who is the Chinese consumer of the future?
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“After long catering to China's richest shoppers, Giorgio Armani SpA is looking to the country's middle class to help carry the fashion house through potentially slowing growth in the luxury sector.” Source: McKinsey & Co., 2011 - LAURIE BURKITT THE WALL STREET JOURNAL An emerging middle class…
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Source: Bling Toned Down in Beijing, 6 August 2012 The Wall Street Journal “The desire for items sans logos isn't directly related to the recent slowdown, but rather illustrates that Chinese consumers have become loyal luxury shoppers, buying more than just entry-level products.” whose tastes are evolving as they… LAURIE BURKITT & JASON CHOW THE WALL STREET JOURNAL
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“Chinese shoppers will look for evidence of heritage, craftsmanship and even greater rarity value.” - PETER EVANS THE WALL STREET JOURNAL remain brand loyal.
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Will the Bubble Burst?
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We ask the experts… What does the future look like?
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Consideration #1 Where is next for growth?
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Beijing Shanghai Maoming Xi’an Yichang Mudanjiang Wuhan Lanzhou JinanTaiyuan Shijiazhuang Nanning Tai’an Hailin Xianyang Linxia Linfen Zhangjiakou Xinyi Cenxi “The main growth will come further inland in second and third tier Chinese cities.” - JOHN REVILL THE WALL STREET JOURNAL Tier 1 Tier 2 Tier 3 Moving beyond the top tier cities …
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Source: McKinsey Global Institute, 2010 $265 billion vs $966 billion “Growth will be in regions with increasingly affluent middle classes, Brazil and India being the two most obvious.” tapping into Brazil, India, Russia and … - PETER EVANS THE WALL STREET JOURNAL
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“Outside of China, there’s a lot of growth to be had in Southeast Asia.” - DUNCAN MAVIN, ASIA EDITOR, HEARD ON THE STREET THE WALL STREET JOURNAL growing across Southeast Asia.
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Consideration #2 Chinese consumers are loyal to your brands
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Leverage Your Heritage “It will be important for French or Italian brands to continue to leverage their heritage with the Chinese consumer.” - DUNCAN MAVIN, ASIA EDITOR, HEARD ON THE STREET THE WALL STREET JOURNAL
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Consideration # 3 Chinese consumers are increasingly connected
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…and Purchasing More Online “The Chinese consumer of the future will head to the Internet for everything.” - LAURIE BURKITT, CHINA REAL TIME THE WALL STREET JOURNAL
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How has the Journal succeeded in Asia?
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Established: 1889 Over 2,500 journalists w orldwide Heavy expansion into luxury coverage, offering our HNWI audience the same trusted advice on their personal lives as in their professional A Modern Heritage Brand
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Engaging Asia’s Elite Source: BE Asia, 2011
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VIDEO The video showcases our luxury coverage across all our products
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