中国奢侈品消费新面孔 (英文版)

Imke WoutersKatie ShamTHE NEW FACES OF CHINESE LUXURY SHOPPERSThe New Faces Of Chinese Luxury Shoppers© Oliver Wyman2A recent Oliver Wyman research project shows that 50% of the Chinese shoppers of luxury accessories and fashion only entered the market in the past 12 months. More signifi cantly, they are expected to drive more than 80% of market growth this year. Among these new customers, 40% are under the age of 25 (Generation Z, or Gen Z), and they have very diff erent preferences and behaviors compared to their senior counterparts.We estimate that there are approximately 5.4 million luxury accessories and fashion shoppers in China today. Of them, 1.5 million spend RMB40,000 or more a year, contributing 81% of the total spending in 2021 (see Exhibit 1).Exhibit 1: Luxury accessories and fashion shopper segments and spending contributions in China, 2021F7%12%43%38%55%18%20%7%Luxury spending contributionLuxury shopper splitLow luxury spenders(Spend less than 10K RMB a year)Medium luxury spenders(Spend between 10–40K RMB a year)High luxury spenders(Spend between 40K to 200K RMB a year)Top luxury spenders(Spend over 200K RMB a year)RMB 266 billionFocus of our research5.4 million peopleSource: Oliver Wyman AnalysisAs they were unable to travel overseas and had disposable income for spending, many Chinese were attracted to the idea of starting their luxury collections this past year. According to our research, this was in fact the key driver of growth for the domestic luxury market.For our research, in October 2021, Oliver Wyman surveyed 3,000 Chinese luxury shoppers who had spent at least RMB40,000 in the past 12 months. Moreover, our data was supplemented with one-on-one interviews with top luxury shoppers who had spent more than RMB200,000 a year. Interviews were also conducted with sales assistants from various luxury brands across diff erent cities. The surveyed luxury goods included leather goods, ready-to-wear fashion items, accessories, and fi ne jewelry.© Oliver Wyman3The New Faces Of Chinese Luxury ShoppersGEN Z ACQUIRES A TASTE FOR LUXURYGen Z shoppers buy luxury items more frequently to reward themselves. They care about being unique, have a relatively higher interest in trendy seasonal items and niche brands, and are a lot more open to buying second-hand and vintage luxury products.They also spend more of their disposable income on luxury goods. In fact, in the 12 months leading up to the survey, 18% spent more than a fi fth of their disposable income on luxury goods. Comparatively, only 3% of existing shoppers did the same.Gen Z luxury shoppers prefer niche brands over well-known ones at more than twice the rate of luxury shoppers aged between 26 and 35 years old, and at fi ve times the rate of those aged over 35 (see Exhibit 2). They are also more attracted to styles that are trending now than classic styles. “It’s very obvious,” said a Shanghai-based sales assistant. “Younger customers are more open to buying our seasonal styles and c