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Despite economic challenges prompting increased savings among
over half of Chinese consumers in 2023, China’s luxury market
experienced a rebound, fueled by financially resilient core
luxury consumers. In this landscape, Very Important Customers
(VICs) have emerged as pivotal drivers of consumption,
inducing luxury brands to pivot their focus from entry-level
consumers.
In tandem with this shift, brands are embracing digital
innovations to cater to digitally-savvy Chinese consumers,
facilitating instant communication across online and offline
platforms. The convergence of digital and physical realms is
evident as omni-channel strategies redefine retail practices.
CRM systems provide crucial tools for creating highly
personalized customer experiences, enabling luxury brands to
tailor marketing, communication, and offerings to meet the
unique preferences of their clientele, fostering lasting
loyalty.
The insights provided in this report, crafted in collaboration
with
Daxue Consulting, shed light on the evolving landscape of China's luxury
market and offer valuable guidance for luxury brands aiming to
navigate this dynamic environment effectively.
Despite economic challenges prompting increased savings among
over half of Chinese consumers in 2023, China’s luxury market
experienced a rebound, fueled by financially resilient core
luxury consumers. In this landscape, Very Important Customers
(VICs) have emerged as pivotal drivers of consumption, inducing
luxury brands to pivot their focus from entry-level consumers.
In tandem with this shift, brands are embracing digital
innovations to cater to digitally-savvy Chinese consumers,
facilitating instant communication across online and offline
platforms. The convergence of digital and physical realms is
evident as omni-channel strategies redefine retail practices.
CRM systems provide crucial tools for creating highly
personalized customer experiences, enabling luxury brands to
tailor marketing, communication, and offerings to meet the
unique preferences of their clientele, fostering lasting
loyalty.
The insights provided in this report, crafted in collaboration
with
Daxue Consulting, shed light on the evolving landscape of China's luxury market
and offer valuable guidance for luxury brands aiming to navigate
this dynamic environment effectively.
