China Digital Luxury Report 2018

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Today, we put together the best of luxury reports from McKinsey, Bain, Deloitte, Secoo and more in order to give you the best insights about the Digital Luxury Market in China.

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Millennial generation is more likely to purchase luxury products online: 42% would prefer buying online vs 58% will purchase in-store. 

In a survey with 240 consumers, 35.6% of consumers would purchase luxury products online.

Most consumers choose to purchase luxury goods online due to more product choice, convenience, and flexibility of ordering time.

McKinsey survey indicates 70% of luxury goods purchase is influenced by online.

WeChat shops is becoming the major sales channel for luxury fashion brands, 5% of sales comes from WeChat in 2017.

WeChat is a particularly important channel for luxury watch and jewelry industry. 14% of sales are coming from WeChat, and it will continue to grow.

WeChat is a more popular channel for buying luxury goods than aggregators such as JD.com and Tmall. 42% consumers would buy luxury goods on WeChat, and only 21% will buy from aggregators.

 

China is ranked #5 as the most popular country for luxury product sale.

As of 2016, most luxury brands invest between 40%-10% of budget into digital marketing.

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