The Hurun Chinese Luxury Consumer Survey 2013 found that French luxury brands are still the most popular among gift-givers, reports China Daily.
Most major French luxury brands have high recognition and are well respected.
“The promise of glamor, sophistication and elite status that brands like Louis Vuitton and Chanel offer is appealing to many Chinese consumers who either have become wealthy or aspire to become wealthy,” said James Roy, senior analyst with China Market Research Group.
For the Chinese, a trusted brand is important in purchase decisions, especially for gift-giving because they don’t want to lose face. The Chinese are cautious and are slower to embrace new brands. Brands need to earn their trust and that takes time.
Despite some slumping in the Chinese market, French brands remain bullish about the country’s future prospects. In April Christian Dior released its first collection specifically for Chinese customers, designed by the brand’s art director, Raf Simons, in Shanghai. Karl Lagerfeld, designer and creative director for Chanel, brought the label’s first ”demi-couture” collection to Shanghai in 2009, and has since been courting private clients in China.
Additionally, as more Chinese shop abroad, they are getting increased exposure to French brands in Europe.
“Many Chinese consumers are buying big luxury brand products while traveling overseas. More than half of the customers in a French luxury flagship store nowadays are from China,” said Zhao Qian, a fashion consultant and CEO of the Beijing-based Inlife International Group. “The peak time for the Chinese luxury products market is still far away. French luxury brands that have managed to get a toehold in China will not give up that easily. Instead, they will adjust their strategy to shift some of their focus to the market outside China,” he added.
photo credit: hermes