The current demand for luxury goods in the Chinese mainland market and the increase in the number of Chinese tourists visiting overseas are indisputable facts. From the Spring Festival this year, the Chinese to overseas travel is enough to see this phenomenon. Luxury shopping malls are rapidly developing in Shanghai, Beijing, Guangzhou and Shenzhen. Many brands have invested heavily in opening new stores and marketing activities.
With China's further liberalization of restrictions on tourism, most countries in Europe have now obtained the approval of the Chinese government and become destination countries for Chinese citizens to travel overseas. Since 2005, the number of Chinese tourists allowed to travel overseas has been twice as much as before. The increase in the number of Chinese tourists visiting overseas will promote the development of the luxury goods industry and attract more international luxury brands to open stores in China. Ding Jiayong, a specialist in the Brand Management Committee of the China Market Society, pointed out the business opportunities for domestic companies.
"Luxury Hot Sale"
A lesson for Chinese companies Although the instability of the international social economy may hinder the development of China's economy, the increase in the number of Chinese tourists visiting overseas may not change. In a variety of situations, the "Hot Sale of Luxury Goods" brings the following inspiration to Chinese companies:
Find a good partner. The sales strategies of luxury brands in the Chinese market vary. Some brands such as Zegna and Dunhill have opened many small stores in many cities, while brands such as Louis Vuitton, Gucci and Prada mainly set up some large-scale shops in big cities. Since the beginning of 2005, China has liberalized its control over foreign brands' establishment of stores. But so far, opening a store in China is still a complicated matter. Since foreign retailers cannot obtain independent business licenses, all current luxury brands need to cooperate with Chinese retailers to operate together. In other words, finding a suitable business partner is critical because local business partners will usually be responsible for hiring staff in shopping malls, handling relations with local government departments, and finding new locations for opening stores.
The choice of shop. Since Chinese cities lack convenient shopping places (referring to shopping streets) common in Western cities, the number of shops that can be found is relatively limited, and shops and shopping shops are mostly concentrated in shopping center areas. In addition, the pattern of urban areas in some cities (such as Shanghai) has changed rapidly. When brands open new stores, it is difficult to predict whether the correct shop location has been chosen. The study concluded that in the early stages of the development of the luxury market, brands should enter the Chinese market. Because of the early development of the luxury market, it is easier to open brand awareness with less input. The degree of penetration of brands among Chinese consumers varies greatly.
Create a brand image. Brands are seeking to build brand awareness and enhance brand awareness. Researchers believe that the current expansion of luxury brands in the Chinese mainland market is more to build their own brand image in the new generation (after 80, 90) Chinese consumers, rather than simply seeking profits. When the price gap between imported luxury brand brands and the market outside China is getting smaller and smaller in the Chinese market, it is expected that those brands that have already opened larger-scale stores, especially those that aim to promote Chinese brands to Chinese consumers Operators, their sales per square meter will remain at a low level.
Return on investment. The investment required to open a store in mainland China is lower than the investment in other places. For example, Louis Vuitton stated that investment in opening new stores in mainland China is about 30% less than investment in new stores in Hong Kong. If compared to Europe, the proportion of investment costs required by China is even lower. This situation is due to the use of different local currencies. According to Louis Vuitton, it is profitable on average in most shops in mainland China within one year.
Changes in luxury symbol and ability to inspire Chinese companies as early as in 2000, the famous American consumer psychologist Lewis and Brig in his "new consumer concept" put forward a new concept of "new consumers." Lewis and Brig believe that the difference between new consumers and old consumers far exceeds people's imagination. In the past, the impact on consumers’ psychology was generally considered to be mainly social and cultural. However, for new consumers, this effect is decreasing. In other words, as a result of science and technology and social development, new Chinese consumers living today may be almost indistinguishable from new consumers in developed countries.
A few years ago, Chinese consumers were contending with Japanese consumers in the consumption of luxury goods. At present, China's luxury goods consumers are the world's second largest consumer of luxury goods. Swatch and Louis Vuitton are the brands that benefit most from China's strong demand growth. Among the luxury industry stocks tracked by the researchers, Swatch Group and Louis Vuitton also benefited most from the increase in demand for luxury goods from the Chinese market and Chinese overseas tourists.
In fact, in a highly material society, the attention that people can obtain through a single symbol is becoming very limited, and people need to work harder to change the form of the symbol (that is, to enrich the meaning of the symbol) to compete for public attention. Under the strong promotion of commercial capital, products and their brands will become the core symbols that lead people’s lifestyle and identify social strata.
Because of the direct connection between the personal symbols chosen by people and their purchasing power, cultural tastes, family upbringing, occupational division of labor, and personal literacy, to a certain extent, people can interpret the meaning of social symbols and changes in social structure and relationships. change.
About 30% of consumers in China tend to buy goods that are in a sense higher than their actual spending power by one level. Do so to reflect "self identity." One of the important principles of symbolic change is that in terms of creation, it appears to break the established habit of appreciation and form a unique impact.
In a transitional society like China, interpersonal resource competition includes very important attention and competition from other psychological resources. Therefore, the variability of the symbols has the ability to remind “I am changing†that many social groups must pay attention to of. In this sense, symbolic changes and conversion capabilities are the important competitiveness of the brand's market performance.
With China's further liberalization of restrictions on tourism, most countries in Europe have now obtained the approval of the Chinese government and become destination countries for Chinese citizens to travel overseas. Since 2005, the number of Chinese tourists allowed to travel overseas has been twice as much as before. The increase in the number of Chinese tourists visiting overseas will promote the development of the luxury goods industry and attract more international luxury brands to open stores in China. Ding Jiayong, a specialist in the Brand Management Committee of the China Market Society, pointed out the business opportunities for domestic companies.
"Luxury Hot Sale"
A lesson for Chinese companies Although the instability of the international social economy may hinder the development of China's economy, the increase in the number of Chinese tourists visiting overseas may not change. In a variety of situations, the "Hot Sale of Luxury Goods" brings the following inspiration to Chinese companies:
Find a good partner. The sales strategies of luxury brands in the Chinese market vary. Some brands such as Zegna and Dunhill have opened many small stores in many cities, while brands such as Louis Vuitton, Gucci and Prada mainly set up some large-scale shops in big cities. Since the beginning of 2005, China has liberalized its control over foreign brands' establishment of stores. But so far, opening a store in China is still a complicated matter. Since foreign retailers cannot obtain independent business licenses, all current luxury brands need to cooperate with Chinese retailers to operate together. In other words, finding a suitable business partner is critical because local business partners will usually be responsible for hiring staff in shopping malls, handling relations with local government departments, and finding new locations for opening stores.
The choice of shop. Since Chinese cities lack convenient shopping places (referring to shopping streets) common in Western cities, the number of shops that can be found is relatively limited, and shops and shopping shops are mostly concentrated in shopping center areas. In addition, the pattern of urban areas in some cities (such as Shanghai) has changed rapidly. When brands open new stores, it is difficult to predict whether the correct shop location has been chosen. The study concluded that in the early stages of the development of the luxury market, brands should enter the Chinese market. Because of the early development of the luxury market, it is easier to open brand awareness with less input. The degree of penetration of brands among Chinese consumers varies greatly.
Create a brand image. Brands are seeking to build brand awareness and enhance brand awareness. Researchers believe that the current expansion of luxury brands in the Chinese mainland market is more to build their own brand image in the new generation (after 80, 90) Chinese consumers, rather than simply seeking profits. When the price gap between imported luxury brand brands and the market outside China is getting smaller and smaller in the Chinese market, it is expected that those brands that have already opened larger-scale stores, especially those that aim to promote Chinese brands to Chinese consumers Operators, their sales per square meter will remain at a low level.
Return on investment. The investment required to open a store in mainland China is lower than the investment in other places. For example, Louis Vuitton stated that investment in opening new stores in mainland China is about 30% less than investment in new stores in Hong Kong. If compared to Europe, the proportion of investment costs required by China is even lower. This situation is due to the use of different local currencies. According to Louis Vuitton, it is profitable on average in most shops in mainland China within one year.
Changes in luxury symbol and ability to inspire Chinese companies as early as in 2000, the famous American consumer psychologist Lewis and Brig in his "new consumer concept" put forward a new concept of "new consumers." Lewis and Brig believe that the difference between new consumers and old consumers far exceeds people's imagination. In the past, the impact on consumers’ psychology was generally considered to be mainly social and cultural. However, for new consumers, this effect is decreasing. In other words, as a result of science and technology and social development, new Chinese consumers living today may be almost indistinguishable from new consumers in developed countries.
A few years ago, Chinese consumers were contending with Japanese consumers in the consumption of luxury goods. At present, China's luxury goods consumers are the world's second largest consumer of luxury goods. Swatch and Louis Vuitton are the brands that benefit most from China's strong demand growth. Among the luxury industry stocks tracked by the researchers, Swatch Group and Louis Vuitton also benefited most from the increase in demand for luxury goods from the Chinese market and Chinese overseas tourists.
In fact, in a highly material society, the attention that people can obtain through a single symbol is becoming very limited, and people need to work harder to change the form of the symbol (that is, to enrich the meaning of the symbol) to compete for public attention. Under the strong promotion of commercial capital, products and their brands will become the core symbols that lead people’s lifestyle and identify social strata.
Because of the direct connection between the personal symbols chosen by people and their purchasing power, cultural tastes, family upbringing, occupational division of labor, and personal literacy, to a certain extent, people can interpret the meaning of social symbols and changes in social structure and relationships. change.
About 30% of consumers in China tend to buy goods that are in a sense higher than their actual spending power by one level. Do so to reflect "self identity." One of the important principles of symbolic change is that in terms of creation, it appears to break the established habit of appreciation and form a unique impact.
In a transitional society like China, interpersonal resource competition includes very important attention and competition from other psychological resources. Therefore, the variability of the symbols has the ability to remind “I am changing†that many social groups must pay attention to of. In this sense, symbolic changes and conversion capabilities are the important competitiveness of the brand's market performance.
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