According to research compiled by L2, China’s luxury market is about to explode.
Interesting to note is the age groups of luxury buyers. China’s unique historical circumstances come into play, with 80% of luxury buyers under the age of 45. This makes luxury branding in China require a distinctly “young/modern” feel vs. the US and Japan.
With such large potential looming in the near future, luxury brands are beginning to enter the market in force. Whether they will succeed will be a careful balance between their brand values, Chinese taste, and their ability to localize their message and cost effectively communicate that message to Chinese audiences.
We can expect digital campaigns to be a large part of luxury brands entrance into China; we’ve seen evidence of this already from Lancome, Porsche, BMW and others.
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