The future of luxury is the modern Chinese woman.
A recent survey of 300 Chinese women conducted by SILK social CRM focuses on one of the fastest growing segments of Chinese luxury consumers: under 35 white collar women professionals.
There are millions of well-educated, ambitious women entering the Chinese workforce every year, and these women buy luxury for themselves. With rapidly increasing salaries and independence, these professional women will define the future of China’s luxury market.
Many of these women travel abroad one to three times per year. Shopping is often an incidental activity to business or vacation travel. Luxury is no longer a special occasion. It’s a part of everyday life.
These women see luxury as a celebration of life’s successes – a reward for the ambition, talent and hard work that these women have poured into their careers. And what a celebration it is, these women are on average spending 17 percent of their annual income on luxury shopping. It’s their money, and they can spend it as they like.
90 Percent Bought Niche Luxury Brands on Last Trip
Increasingly, fashion is becoming self-expression and a way to stand out. These women are trying niche brands whenever they travel abroad. Purchases from recent trips include M Missoni to Beyond Organic beauty. Even among top tier designers, more subtle brands like Bottega Veneta are gaining over logo heavy designs. The only category where women are hesitant to try niche brands is cosmetics.
Sammie Liu oversees consumer insights at SILK CRM, a social CRM provider for luxury brands catering to Chinese consumers. She is the former researcher on Chinese outbound tourism for the Dept of Cultural & Creative Arts at the HK Institute of Education.
photo credit: shanghai tang