中国奢侈品电商市场如何带来新鲜、真实的购物体验

China’s luxury market revival1.About VO25.Into the co-branding hype2.Luxury goes omnichannel3.AboutDaxueConsulting6.CONTENT OUTLINECrafting experiences through CRM4. 034213224928 China’s luxury marketrevival China's luxury market seeks steady recovery amidst challengesThe economic challenges in 2022 led to over half of Chinese consumers wanting to save more in 2023. Despite this, China’s luxurymarket rebounded in 2023, as the market is driven by core luxury consumers who are less financially impacted by a slowing GDP.•Consumers born in the 90s accounted for 61%of total luxury•Youthunemploymenthashitarecordhighduring2023H1,peaking•Rising uncertainty triggered by both domestic and internationalfactorsisinducingconsumerstosavemoney,leadingtofewerfirst-of surveyed people are willing to consume moreof respondents are planning to save moreofsurveyeesare keen to invest moreQ2 2023 urban depositor survey reportSource:TMIxBCG(2022), National Bureau of StatisticsDespite a slight dip in consumer confidence, luxury spending by Chineseconsumers experiencedagrowth of 12% year-on-year (yoy),reaching RMB449 billion in 2023.Source:BainxAltagamma(2024),EastMoneyThis rebound is primarily driven by core luxury shoppers, whoexhibit less elastic demand and are expected to contributesignificantly to the expansion of the luxury market.240341473124.6120.2121.201002003004005006002019202020212019-2023 size of the personal luxury market in Chinaand consumer confidence indexMarket size in billion RMBConsumer confidence index (100 = neutral) © 2024 Daxue ConsultingALL RIGHTS RESERVEDSource: People’s Bank of Chinashoppersin2022.at21.3%inJune.timeluxuryconsumers.24.5%58%17.5%-0.4% YoY+0.3% YoY+0.7% YoY(N= 20,000) 40144995.088.220222023 © 2024 Daxue ConsultingALL RIGHTS RESERVED314141135335202320192019 vs 2023 Chinese consumers’domestic & overseas luxuryconsumption(in billion RMB)DomesticOverseasDomestic luxury purchases are part of the new normalDespite a resurgence in overseas luxury spending, the appeal of the domestic market persists due to product availability anda narrowingprice gap in duty-free offerings, making Hainan a continuing focal point.In 2023, Hainan's duty-free sales reached RMB 43.8 billion,attracting 6.7 million shoppers.Source:TMIxBCG(2023),BainxAltagamma(2024)Amid the pandemic, 90%-95% of luxurygoods were locally purchased in China.Despite a drop in 2023, domestic purchasesare expected to play a more significant rolethan before COVID-19 in the next few years.In 2019, 60% of Chinese luxury buyers madetheir purchases abroad. Despite a rebound intravel, this figure has not returned to pre-pandemic levels in 2023.The narrowing price gap between duty-freeluxury in China and France is boosting theallure of the domestic luxury market forChinese consumers.CamusVSOPBorderiesClarinsDouble Serum50 mlBulgariPour HommeEdT100 mlSwarovskiSparklingDance Round40%70%30%60%Duty-free channelsaccount for20%ofdomestic sales Sources: Official China websites, CDF Hainan,Extime, Duty Free Toulouse,AeliaDuty FreeOfficial China website vs. Hainan vs. Franceduty-free prices as of January 2024(in USD)China websiteHainanFrance1l77.870.283.4144.6110.9108.6150.279.4104.2175.491.2136.2 © 2024 Daxue ConsultingALL RIGHTS RESERVEDLuxury spenders to spend more on hard luxuryIn 2023, watches, jewelry, and iconic bags saw significant growth as consumers sought higher-value investments, with 31% emphasizingthe importance of goods retaining value. This trend is particularly pronounced among medium luxury spenders.Source:DeloittexOceanEngine(2023),Hurun (2023)Bags &suitcases35%Ready to wear23%Jewelry19%Watches15%Shoes6%Accessories2%Chinese mainland personal luxury market sizebycategory2023 H1+23%YoY+23%YoY+21%YoYConsumers withan annual luxuryspending of RMB50k-300k plan tocut overallexpenditure by5%, yet increasewatch purchasesby 3% to accountfor 18% of theirspending.Growth in luxury-related short video views onDouyinfrom 2021H1 to 2023H1Watches+25%Bags &suitcases+20%Shoes &ready-to-wear+0%Accessories+4%Jewelry+93%This growth alsoaligns with theincreasingimportance of giftingand collectingpurposesas driversfor luxury purchases,as these items aredeemed particularlysuitable for bothpurposes. Best selling products on Tmall during 5202023, by revenueGucci, Saint Laurent, and Balenciaga’s top 3 best selling bags onTmall between Oct 15thand Nov 15th2023, by ordersGGMarmontSuper Mini BagRMB 8,700GucciNiki MediumShoulder BagRMB 23,600SaintLaurentBalenciagaHourglass SmallHandbag CrocodileEmbossedRMB 21,700Source:DLGxRe-Hub (2023)1GucciGGMarmontSuperMini BagRMB 8,7002Saint LaurentNiki MediumShopping BagRMB 17,4005Saint LaurentSmall Le 5 à 7 SuppleHobo BagRMB 18,100Premium luxury bags lead Tmall sales across brandsDuring 520 (Chinese Cyber Valentine’s Day) in 2023, two of the top three best-selling luxury bags on Tmall were premium (RMB >10k).Between October 15thand November 15th, premium luxury bags continued to dominate the top 3 highest selling bags for Sain