德武在中国：Z世代如何重新定义社交商务

CONTENT OUTLINEHow Chinese consumers define luxury in China1.The impact ofGuochaoon China’s luxury industry3.Hypotheses for the emergence of Chinese luxurybrands4.About us5.Chinese luxury brands are gaining momentum2. 231420427 How Chinese consumersdefine luxury in China1. Todayin China, luxurymeans self-expression, self-actualization and community-building© 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED4YoungerMillennialsandGenZarechangingthedefinitionofluxuryinChina,makingluxurygoodsshiftfrombeingsignalsofsocialstatustobecominginstrumentsofself-actualization,self-expressionandcommunity-building.Eldergenerationsusedtoconsiderluxuryasmainlyasymbolofhighsocialstatusandopulence.However,asyoungergenerationsimposethemselvesasthemaindriversofluxuryconsumption,thedefinitionofluxuryinChinaisgraduallyevolving.Today,young Chinese consumers regard luxury as a means torewardandexpressthemselvesinamoreelevatedandupscaleway.Eventhoughluxurygoodsarelikelytobestillimportantinsignalingahigh-endlifestyle,GenZaremoreeagertoshare,talkaboutand discover their luxury experience,thereby building acommunityofkindredspirits.Source:Tmall(2020), N= 3,000Top 3definingfeatures ofluxurygoodsby age group1.Price2.Signalinga high-end lifestyle3.Profoundhistory1.Price2.Profoundhistory3.Uniquedesignaesthetics1.Price2.Uniquedesignaesthetics3.ProfoundhistoryBaby BoomersMillennialsGen-ZSource: Mazars (2019), N=3,23568%61%45%24%20%6%Reward formyselfPursuit offashionUplift ofconfidenceIdentitystatementGiftSignalingsocial statusChinese Gen Z’s main reasons for purchasing luxuryEsteem-relatedreasonsSelf-fulfillmentpurpose ForMillennialandGenZconsumers,customizationisnotjustaniceoption,butamust-have,since customization allows them to express cultural identity.Therefore,itisanimportantdriverofpurchase.In the eyes of modern Chinese, luxury has become an experience, not a productAsluxurytransformsintoamethodofself-care,thekeyelementsofChina’snewconceptofluxurybecomeexperience,innovation,customizationandculturalsensitivity.Chineseconsumerswantmorethanjustaproduct,theywantanimmersiveluxuryexperience.© 2022 DAXUE CONSULTINGALL RIGHTS INCLUDEDSource: Luxe.co xPeacebird, N= 3,00010%11%12%18%20%Smart experienceArt exhibitionCoffee/snacksStyling serviceCustomizationWhat additional service would you like to have inphysical stores?Young consumers crave a digital experienceNewtechnologies and the integration ofofflineandonlineelementshavebecomekeyfeaturesof China’s new concept of luxury:youngChineseconsumersdonotwantjusttoenjoyluxuryexperiences,theywanttobeabletosharethemonsocialmedia.Accordingto BCG,experiential luxurygrewby9%inChinain2017,imposingitselfasoneofthemaindriversofgrowthoftheluxuryindustry.Nowadaysyoung Chinese consumerswantto pamper themselves throughluxuryexperiences.个性化定制造型服务咖啡/轻食艺术品展示智能/科技体验 5 Chinese consumers’ customization needs have not been met yetForeignbrandshavenotbeenabletomeetChineseconsumers’needstoexpresstheiridentity.Chineseconsumersbelievethatlocalbrandswouldhaveadeeperunderstandingoftheirtastethroughcustomization.©2022 DAXUE CONSULTINGALL RIGHTS INCLUDEDLuxury brands’customization services are still limitedUnderMyABCDiorservices,consumerscanpersonalize their bags,Mitzahscarves,andbraceletsby addingspeciallettersandsymbols.Source: Dior official websiteFrench luxury goodscompanyFrench high-end luxuryfashion houseSource: Louis Vuitton official websiteNeverfullMMMyLVHeritageofferscustomsize,typeaswellasdifferentstripes,internal colors,and theembroideryofcustomers’initials.SomeforeignbrandslikeDiorattemptedto enhance their customizationservices.However,some netizens had anegativeimpressionoftheproduct.InMay2020,Diorreleasedalimited-edition collection ofitspopular Book Tote andDiorcamphandbags,allowingcustomerstoChinesecharacters on theiritems.However,netizensdescribedinitiativeas”weird”,“cheap”,anda“clumsy gimmick”toattractthelocalconsumers. 6haveembroiderChinesethe There is not one definition of luxury but several across tier-citiesEven though most luxury consumers are in higher-tier cities, lower-tier cities still count for one-third and will push the emergence ofdifferent definitions and approaches of luxury.©2022 DAXUE CONSULTINGALL RIGHTS INCLUDED25%43%36%67%9%24%35%38%21%43%39%65%7%23%47%48%20%42%39%62%8%23%49%52%UniquenessSignalling a high-endlifestyleProduct craftsmenshipPriceContribution to societyForeign brandDesign aestheticsBrand historyVariance in the definition of luxury goods among 3 city-tiersTier 1Tier 2Tier 3LuxuryconsumersinTier-1andTier-2citiesfocusmoreonbrandconnotationslikehistoryanddesign,whileluxury consumers in Tier-3 cities give moreimportanceto intrinsic elements of the products,suchasprice,theoriginofthebrandandwhetheritreflectsahigh-endlifestyle.Source: Mazars (2019), N=3,235 7 Chinese luxury brands aregaining momentum Local history, culture, and craftsmanship shape Chinese luxury brandsAccordingtosurveyedChineseconsumers,whatmakesluxurybrands“Chinese”residesintheiressenceratherthanintheirform:drawingf