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Agility Research and AFFLUENTIALTM were proud to be the only Asian featured speaker, on the Chinese Luxury Consumer at this year’s leading Luxury Summit, the New York Times International Luxury Conference held at the Trianon Palace in Versailles.
The conference ran over two days with luxury discussions from the Who’s Who of the Luxury World, including the former CEO of Chanel, Maureen Chiquet, Maurice Levy – CEO of Publicis Groupe, Marco Bizzari – CEO of Gucci, Brunello Cucinelli, Richard Mille and many other celebrities and leaders in the luxury and fashion world.
From dining at the Palace of Versailles at the Gala dinner where the entire grounds were closed for an exclusive guest event, to racing Lamborghinis across the French Countryside, guests were treated to a sensory and intellectual treat. Great weather, food and networking; where the “Global Context of Luxury, is the Logo over?”, strategic sustainability, and the future of the digital culture were all examined and discussed in an intimate and closed door environment where the focus was on frank, straight from the gut debates and not rehearsed, templated deliveries.
At the conference, we presented on the “Chinese Luxury Consumer: What’s the Outlook for 2016?” a sold out session at the conference where some of our latest research data and insights from our Luxury Syndicated Research Service were shared with leaders and CEOs of luxury and premium brands.
The Chinese Luxury Consumer is a crucial segment in the world of luxury today. From the numbers and economic projections, we can see that the increase in China’s GDP translates to a higher purchasing power and an increase in the sales of luxury goods – a multi-million dollar increase in profits for multiple global brands. Affluent Chinese consumers not only have the money, but also the aspiration and desire to purchase luxury items, and they are traveling in increasing numbers.
Through our Luxury Syndicated Research Service, we strive to provide the most updated and comprehensive insights on the what, why, where, when, and how luxury goods are purchased and desired by affluent consumers in China and other Asian markets, such as Singapore and Japan, which cannot be understood through market projections alone.
From our latest research, we found that while the perception of product’s higher quality is important among Chinese consumers, the social responsibility of the brand is almost as important. While 4 in 5 affluent Chinese consumers use luxury brands because they believe that these brands offer them high quality products; almost 3 in 5 affluent Chinese consumers care whether the luxury brand they use is socially responsible.
In addition, we found that among our research sample, 68% of affluent Chinese consumers do research on luxury online, and 56% do this on their mobile phones. These insights are important for brands in planning out their sustainable or socially responsible marketing strategies, and designing an informative online experience where consumers can find out about the brand and its products, accessible on mobile phones.
With insights like these, which we presented at the conference, we hope to have contributed to the conversation on “Luxury beyond Product”, which is the main theme of the conference, in the context of the Chinese Luxury Consumer. Indeed, brands are required to think outside the box in order to attract consumers by using appealing strategies that are beyond the conventional “quality is equal to luxury” paradigm, such as sustainability and digital experience.
The 2016 New York Times International Luxury Conference was an exuberant, regal, engaging and insightful conference, and we were proud to be an insights partners.
To find out more about the luxury consumers and trends from China and across Asia, subscribe now to our latest Luxury Syndicated Research Service 2016 and contact us at firstname.lastname@example.org
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