A brand’s rich heritage is a selling point for luxury consumers and this concept is not lost among Chinese luxury consumers.
So it comes as no surprise that luxury brands are quicky assembling strategies to spotlight their heritage — company history and product craftsmanship. Some have organized museum exhibits, traveling shows, and brought in artisans to showcase their craftsmanship.
Would that win over Chinese luxury consumers?
No doubt Chinese consumers are keen on luxury products with international heritage, but a recent McKinsey report noted that currently “one-third of them said they would prefer to buy luxury products designed especially for China and that incorporate Chinese imagery.”
Chinese consumers are interested in heritage, but it just might be their own.
The Chinese are proud and increasingly nationalistic. This is particularly true among the young and upper middle class who want luxury products to draw from China’s rich cultural and historical heritage. These younger and influential consumers have loads of national pride and see huge potential rising from within China. To many of them, China can compete with any country…it’s just a matter of time.
On the other hand, luxury brands are not accustomed to adapting so much to local taste. But China may be too big to ignore. Luxury brands will need to think hard about their approach to heritage.
image credit: shanghai tang