Decoding Luxury Marketing Milestones in China_520
Luxury and premium brands" saw a 26 percent rise in revenue on Tmall from April 20th to May 21st versus the sameperiod last year. While May is not a particularly busy shopping month in Western markets, in China one of the biggest gift.giving festivals takes place - 520, also known as “lnternet Valentine's Day”. With the Chinese market returning to normalcy this year, the luxury industry has been optimistic about the market'srebound. That is why, for the first 520 post-COVID, luxury brands pulled out al the stops to raise their share of voice anddrive conversions during this festival, through innovative campaigns that include special products and offline events. This market is set to grow. According to Bain, by 2030, luxury expenditures in mainland China will surpass all the othermarkets, including the United States, accounting for a quarter of the global luxury market. As a result, what is emerging from the rise of the Chinese luxury market, is a more sophisticated and