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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.
