We all knew China has a growing appetite for luxury, but how can a luxury brand stand out from its competition to win the Chinese consumer? There are plenty of cautionary tales to know that it takes more than just a foreign label and a price tag to succeed in the market. With more than 20% of global luxury demand slated to stem from China by 2015, how can a luxury brand succeed in getting a piece of the growing pie?
Here are a few keys to unlock China¡¯s growing luxury market:
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- China¡¯s e-commerce market is reaching new frontiers as luxury brands such as Lancome cut out third-party e-tailers to provide direct e-commerce brand sites. As China¡¯s e-commerce market continues to explode, the luxury brands that respond directly to consumer online shopping preferences will be the ones to build loyalty.
- There may be new forms of social media sites cropping up daily, but pursuing all digital channels is not the key- the answer for luxury brands lies in choosing the right social platforms. Depending on the brand or campaign objective, weaving social touchpoints into the consumer journey can amplify your brand message and drive purchase intent. Building presence on more than five platforms, Dior and Hermes are good examples of prestige brands that are listening to and engaging with their consumers on a deeper level.