Daxue Consulting：中国时尚之中国奢侈品牌的兴起（中英）.pdfVIP

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Daxue Consulting：中国时尚之中国奢侈品牌的兴起（中英）.pdf

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China Chic: The Emergence of Chinese Luxury Brands February 2022 1 CONTENT OUTLINE 1. How Chinese consumers define luxury in China 3 2. Chinese luxury brands are gaining momentum 7 3. The impact of Guochao on China’s luxury industry 14 4. Hypotheses for the emergence of Chinese luxury 20 brands 5. About us 42 2 1. How Chinese consumers define luxury in China Today in China, luxury means self-expression, self-actualization and community-building Younger Millennials and Gen Z are changing the definition of luxury in China, making luxury goods shift from being signals of social status to becoming instruments of self-actualization, self-expression and community-building. Chinese Gen Z’s main reasons for purchasing luxury Elder generations used to consider luxury as mainly a symbol of high social status and opulence. However, as younger generations Self-fulfillment impose themselves as the main drivers of luxury consumption, the 68% purpose Esteem-related reasons 61% definition of luxury in China is gradually evolving. 45% Top 3 defining features of luxury goods by age group