Big data changes life

  Reflecting on the challenges and changes from 2022, 2023 is a year full of opportunity and possibility as China undergoes a full revival. Since 2019, the luxury market landscape has evolved drastically through years of localized operations and digitalization. Chinese luxury consumers are now more closely connected with the domestic market, ensuring its resilience and steady growth over the coming years. 

  The luxury market in Chinese mainland has slowdown over the last 12 months with a sharp decline of annual growth rate from 20% to 1%. However, it doesn’t mean that all segments of the market were static. In fact, different consumer segments' spending change varied greatly: “light spenders” spent much less while “medium and heavy spenders” continued to increase spending. Brands should pay attention to these market trends. 

  Despite the tumultuous adjustments experienced in 2021 and 2022, luxury brands remain confident in the China market. The most telling data is that in just the first half of 2023, luxury brands have opened 150 new stores, including 48 different levels of flagship stores (source: Tong.Luxe.CO ).  Luxury brands are increasing their focus and investment in physical stores in the China market. At the same time, the consumption potential in cities and regions beyond the first-tier cities is emerging, injecting a strong boost to the development of luxury brands in the China market.  In terms of sales contribution and growth rate, the importance of the China market to the global luxury goods industry is self-evident. But more importantly, China is subtly reshaping various aspects of the global luxury goods industry from the present to the future.  Comparing this year's discussions and exclusive interviews Luxe.CO has had with the various luxury brand CEOs, they are now more directly add

  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

  In 1992, LOUIS VUITTON opened its first store in mainland China at the Peninsula Hotel Beijing.and Cartier opened the first watch counter on Nanjing Road in Shanghai that the same year. Fastforward over three decades, and China has evolved into a pivotal player in the global luxurymarket. Consumers have deepened their appreciation for luxury goods. After a brief dip in 2022we expect China to continue its leading role in 2023, propelling the market to a size of RMB 580billion, with an impressive growth rate of 18%

  Despite the tumultuous adjustments experienced in 2021 and 2022, luxury brands remain confident in the China market. The most telling data is that in just the first half of 2023, luxury brands have opened 150 new stores, including 48 different levels of flagship stores (source: Tong.Luxe.CO ).