Changes In Luxury Consumption: Chinese Consumers From Showing Off To Cognition

In 2013, Bain's report was concerned about a change. Chinese consumers are becoming more mature and start to shift from "flaunt" to "cognition".

This trend did not change in 2014, and the importance of brand labels continued to decline.

According to the report, the proportion of luxury products showing a significant identity can be reduced from 44% in 2013 to 28%, while the number of people who think it is vulgar has risen from 11% to 18%.

Lu Xiao, a scholar who studies high-end consumer behavior, says that China's consumer attitudes are changing, but they cannot be cut across the board.

In the first tier cities, consumers are much more interested in luxury brands. Naturally, they will not be attracted by the LOGO. They will pay more attention to the connotation, material and design of the products themselves. The simple conspicuous consumption will be less. In the two or three tier cities, because they do not know much about international brands, they will still be interested in LOGO, and there will be more consumption for conspicuous consumption.

"At every level.

Different, the first tier cities have completed upgrading, and the two or three tier cities are still upgrading.

Lu Xiao said.

Zhang Peiying also observed the difference: "Bei Shang Guang will have more cognition on such low-key products such as Coach (Coach), but most of the two or three tier cities still remain in vain.

It's not from the angle of appreciation, but it's just like buying a brand like LV. We all know that buying Coach doesn't mean that everyone knows the grade is bad.

This also affects the direction of luxury goods entering China.

Introduction, now the consumption of northern Guangzhou and other tier cities tends to be rational, regardless of the frequency of purchase and the single price, it can not be compared with the mainland merchants, so the layout will naturally shift to the two or three tier cities.

"The same is true in other countries. After a mature market, we need to find new growth points. This is a rule that is embodied in China, that is, when the coastal areas mature, they will extend to the mainland."

Despite two years of hard winter, industry insiders and researchers are optimistic about the situation this year.

Lu Xiao said that the luxury industry will still grow steadily this year, matching with the overall macro-economic development.

"As long as the economy is growing, the market will not shrink. Because of the economic growth, the consumption demand of the ordinary people is increasing, and the luxury market is also growing."

Zhang Peiying has sniffed the resurgence breath from some recent luxury exhibition activities: "in the past, the investment reached 60% before it was very good. This year just started to organize, 80% of the booths were full, and this year is the best year."

Zhang Peiying thinks, because the market of luxury goods has been relatively low in recent years, branding merchants are preparing to make preparations.

"The market will not deceive people. In the industry discussions, we believe that the second half of this year will bring a substantial rebound in the luxury market."