The new luxe

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Earlier this year, the Chinese government reduced its import duties on consumer goods, resulting in a number of European luxury brands such as Gucci, Louis Vuitton and Hermès lowering their historically high prices for shoppers in the country.

The decision reinforced the influence of China on the world’s luxury market; it’s estimated that Chinese consumers account for RMB 500bn (around $7.4bn) in annual spend, representing almost a third of global spend on luxury.

Yet the expectations of the Chinese consumer, and the qualities they associate with luxury, are different to that of the luxury buyer in Paris, London or New York. A study from Kadence International found that consumers in China are more likely to associate the qualities of ‘timelessness’ – relating to a brand’s enduring appeal and relevance – and ‘experiential’ – including digital and mobile experiences – with luxury than any other market studied. 

And unlike other markets in Asia-Pacific, Chinese shoppers ...