Key Trends Reshaping China's Luxury Landscape and Consumer Behavior-A New Report from KPMG & DLG
The report, "Luxury Redefined: Building trust with Chinese consumers through authenticity and integrity," published by KPMG China and DLG (Digital Luxury Group), examines the modern Chinese luxury shopper and key trends reshaping the industry. The report notes several pivotal trends and evolutions reshaping China's economic landscape, including slowing economic growth, the COVID-19 pandemic, greater interest and awareness of sustainability issues, and technological advancements. In addition, the report analyses consumer behaviour and preferences across different luxury shoppers and divides them into seven main consumer personas. The most sophisticated consumers, the "New Luxury Pioneers"
and "Cultural Resonators,"
are expected to become more significant in the Chinese luxury landscape, accounting for 25% of Chinese luxury consumers by 2030. The report emphasizes the importance for global luxury companies to understand the evolution of Chinese consumers and target the right segment of consumers to create "desire" and generate a rippling effect on other up-and-coming segments for sustainable brand equity in China.