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.
Let’s get started!
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.