Keeping up with Chinese consumers is not easy. The Chinese luxury market is one of the fastest evolving markets with consumer preferences changing rapidly.
The old guards of luxury such as Louis Vuitton and Dunhill no longer hold much attraction for the younger luxury consumers in China. Instead, these younger consumers, who are well-versed in global fashion compared to previous generations, prefer lifestyle brands such as Tori Burch and Kate Spade, according to a Credit Suisse report.
Given the global connectedness from travel and the Internet, it is not surprising that the preferences of the younger generation of Chinese consumers are quickly resembling those in the West. Lifestyle brands saw explosive growth in the West in the past few years. Now these brands can expect similar growth in China.
True in China and elsewhere, luxury is no longer confined to a few selected brands, rather as luxury becomes more individualized and personalized, lifestyle and smaller bespoke brands will see their fortunes rise.
photo credit: kate spade