CORRECTING and REPLACING China Online Luxury Consumption Report: Insight into China's Millennial Luxury Consumer Market Trends
December 15 2017 - 3:29AM
Business Wire
Reissuing release to add ticker symbol for searching
purposes.
The corrected release reads:
CHINA ONLINE LUXURY CONSUMPTION REPORT: INSIGHT INTO CHINA'S
MILLENNIAL LUXURY CONSUMER MARKET TRENDS
Today's younger generation in China tends to choose online
channels when it comes to shopping, even for luxury brands with
relatively high prices. Reflecting the rapid development of Chinese
e-commerce, an increasing number of luxury brands have started
embracing online.
Some 91% of luxury brands in China had launched online sales by
June 2016, more than double the 43% selling online 12 months
earlier in 2015, according to the 'Luxury China' report released by
L2, a Chinese digital marketing company, this year.
According to the additional 2017 Chinese Luxury E-Commerce
Whitebook report from Secoo (Nasdaq: SECO), Asia's largest high-end
e-commerce platform, and Tencent, the largest data company in
China, Chinese millennials and Generation Z are set to become the
dominant driver of luxury consumption over the next decade.
The average age of the online shopper of luxury in China is now
25, 15 years younger than the average age of European luxury
consumers, and 20 years younger than those in the US. These young
consumers are stepping up their buying of minority brands – as
opposed to famous and high-profile logos – as they seek more
personalized and less mainstream experiences. For example, as
streetwear trend has gradually become more mainstream this has led
to more young people embracing and becoming fans of brands, such as
Supreme and Vetements.
This finding was echoed by Deloitte in one of its recent global
luxury consumption surveys about millennium-generation consumers:
“The consumers are no longer too loyal to one specific brand. They
want luxury brands which speak for themselves. They are more
willing to pay attention to trendy brands with stories.”
Chinese luxury e-tail giants have recognized this trend too.
Recently, Secoo announced partnerships with a number of popular and
niche brands, including Mr&Mrs Italy, Corto Moltedo and Maison
Kistune.
Mr&Mrs Italy has gained the most attention from Chinese
consumers for its Parkas, which combine the toughness and style of
its iconic coats, with the softness of luxury furs. They are both
fashionable and warm.
Moreover, popular South Korean TV series, such as My Love From
The Star, have given Mr&Mrs Italy a higher-profile and
stand-out brand positioning, making it one of young Asian people's
favorite brands.
Corto Moltedo, a luxury brand founded in 2004, is famous for its
unique, entirely handmade bags. Its designer and founder, Corto
Moltedo, is the son of Vittorio and Laura Moltedo, founders of
Bottega Veneta.
After Bottega Veneta was acquired by Kering, Corto Moltedo has
inherited and seemingly embraced the craftsmanship of BV. Its
unique design and exquisite workmanship has been widely recognized
in the industry.
Mr&Mrs Italy and Corto Moltedo have signed exclusive
cooperation agreements with Secoo and the products of all their
collections are sold simultaneously across the world at the same
prices.
The fact that niche brands like Mr&Mrs Italy and Corto
Moltedo sell on the same e-commerce platform together with
traditional luxury brands, such as Armani and Versace, demonstrates
a trend of diversified luxury consumption. Under some
circumstances, minority brands would appear to have slightly more
advantages as they typically have more recent and interesting
stories associated with them.
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SECOO GroupTingting Wang, communication@secoo.com
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