The luxury-purchasing trend in China

The capability of Chinese consumer purchasing luxury product is increasing quickly. Based on the report of Analysis of Chinese luxury Purchasing 2013, Chinese people spend over 100 billion to purchase luxury products. There are some data could illustrate the purchasing power of Chinese consumer. Last year, Chinese people bought 47% luxury products of the world. They spend most 28 billion in luxury purchasing inside China and nearly spend 74 billion overseas. Chinese people obviously are the biggest consumers of luxury purchasing in the world.

On the one hand, this situation happened most because the development of Chinese economy and increasing of Chinese people’s salary. It enhances confidence of Chinese people to purchase luxury products in order to improve their living quality and to maintain friendship. On the other hand, the situation is because of largely entering of European luxury brand. In 2012, the luxury market was close to saturation. From 2013, some of luxury brand began to ender second level city of China.

However, from forecasting of experts, Chinese people will be more rational in luxury purchasing in the future. As far as I know, Chinese people began to discard some first level luxury brand. They chose luxury brand more rational. Although the purchasing scale of luxury products in China is still in improvement condition, the rate of increasing is in descending trend.

In my opinion, Chinese people will choose more low- pitched luxury brand in the future. Within the improvement of their living quality, they will become more confidence about their taste. They don’t want to show off. This tendency could be proofed by the popularity of Italy brand Bottega Veneta. There is no logo and some special iconic on the surface of its handbag and wallets. But why Bottega Veneta became so popular in China? I asked some of my friends who bought one or more BV’s products. They told us that they bought them because like hand-knitted leather and their brand story. It is from a classic Italian family, who lived in a beautiful town in Italy. Chinese people like this brand because they like the lifestyle that BV brings to them.

ESQ-03-Bottega-Veneta-102312-xl

(Taking from http://www.esquire.com/blogs/mens-fashion/bottega-veneta-book-102312)

 

Topic 2 The future of consumer behavior

In the future, marketers will connect with consumers not just through email, cellphone or other general communication skills. They will connect with consumers through any channel. Marketers could contact consumers through any electronics, which could connect to Internet. For instance, in the future refrigerators in kitchen could connect to Internet.  Consumers could reflect using experience and feedback just using refrigerator itself. There will be a bigger screen in refrigerator in the future, size like mini pad. It will be more convenience for consumers and marketers contact each other.

About the contact ways and shopping methods, I believe marketing in future will keep lots of same methods. Consumers are willing to shop in physical store like currently. Their basic consuming behavior will not change in the future. There is impossible consumers will buy everything online. For instance, if they want to buy a dress, they should go to retail store to try. Even online store will provide more authentic review and model same as your size, consumers still can’t trust.

Also, the basic connecting ways that marketers contact consumers will not change in the future. Marketers will still use Internet to contact consumers. It is undeniable that fact to face communication through marketers and consumers will not disappear. Consumers need face-to-face communication in some particular situations.

With the development of technology, our consuming behavior and communication method will improve. Marketers will collect more data of an individual consumer. Marketers could collect data through every electronic that connect to Internet and make a thorough analysis of consumers’ shopping habit, needs and wants. Based on more detail segmentation analysis, they will design personality products. For instance, in the future oven in you kitchen will connect to Internet. So your oven could collect you using habit and your using model. So the company who product your oven could update you oven function based on your using habit or they could design your personal oven.

Also, Delivery Company will operate more humanization. They could make a special delivery plan based on habits of individual consumer. Also, consumer could manage their shipping date and receive date.

I believe our shopping experience will better within the development of marketers connecting ways and technology.