British luxury’s reputation for meticulous craftsmanship, beguiling heritage and extraordinary aesthetic standards has captivated consumers around the world for a long time.
As Chinese tastes and attitudes towards luxury have transformed over the last 10-15 years, nowhere is this appreciation of British brands more apparent than in China.
THE EVOLUTION OF LUXURY IN CHINA
From bling.. (status seeking and validation)
..to trend setting.. (pride from early adopting)
..to experiential.. (indulgence and experience seeking)
..and to the stage we’re at now, discernment (connoisseurship and knowledge)
However, a brand name alone is not enough. Consumers in China are more discerning, engaged and educated than ever, looking for niche and unique options when it comes to luxury.
Known for tradition, quality, and heritage, British brands fit perfectly into this new Chinese sensibility.
THE RECENT EXPANSION OF BRITISH LUXURY IN CHINA
– Victoria Beckham, opened her first store in Asia (HK, China) this year
– Agent Provocateur, opened their first stores in Shanghai, Beijing & HK
– Burberry, the first non-cosmetic luxury brand to open on Alibaba’s TMall
BRITISH LUXURY AFTER BREXIT
Following the UK’s exit from the European Union, many expected market volatility and the Pound’s falling value to negatively impact the luxury market. Instead, Chinese consumers have flooded to luxury brands, encouraged by Chinese media to take advantage of Brexit deals, specifically for luxury brands.
“Chinese shoppers account for nearly half of the luxury market, providing invaluable demand to brands in every segment” – The New York Times
“In 2016 Chinese luxury consumers will continue accelerating their purchases abroad” – Bain & Co
“Our stores are booming right now thanks to foreign visitors” – Anya Hindmarch
British luxury brands have enjoyed a strong reputation for a long time. Now, with Chinese consumers searching for tradition, heritage, craftsmanship and a distinct personality, the opportunity for brands in China, and among Chinese overseas travelers, is incredible.
Whether you are in China already or just starting to think about the luxury Chinese shopper, get in touch with us at any time.