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Insight into 2021 luxury online consumption circle From Ali mom

The following is the Insight into 2021 luxury online consumption circle From Ali mom recommended by And this article belongs to the classification: Consumer research, research report.

Under the impact of the epidemic, China’s luxury market has sprung up. “Digital” plus “China market” stimulates luxury brands to pay attention to and “Imagine” the online consumers of luxury goods in China. In the face of the surging growth of China’s luxury industry, Ali’s mother released insight of luxury online consumption circle, which provides new ideas for luxury brands to operate online luxury consumers.

01. Potential consumers of digital luxury goods

The luxury consumption market is relatively narrow, so how to grasp the online luxury consumption circle is very important. According to insight, luxury consumption power can be divided into high-level consumers with strong purchasing power and entry-level consumers with medium purchasing power, which are worthy of attention. The former belongs to the group with high consumption potential of luxury goods, about 26%. These people have the consumption inertia of buying luxury goods and integrate into the daily life of paying attention to style. The latter accounts for about 74% of luxury consumer groups, and the purchase of luxury comes from the additional demands beyond practical life.

How to find potential luxury consumers with common characteristics? Insightthrough the insight of luxury high correlation scenes: self-interest, style diet, leisure sports, elegant home, travel and local life, we can find the cross scene consumption characteristics of luxury potential groups to expand the consumption circle. Interestingly, there is a high degree of coincidence between luxury goods consumers and heavy consumers of luxury beauty brands as well as medical beauty groups.

Which is more attractive to luxury consumers, traffic star or strength star? Minsight found that high-level luxury consumers’ brand mind is more mature, traffic stars are only an opportunity to stimulate consumption mind, and fashion talent’s private clothes Street Photography also has this effect; in contrast, luxury entry-level consumers are more likely to be influenced by powerful stars, take luxury as a label, and pay more attention to KOL’s social credibility and influence.

In today’s hottest live broadcast scene, people with high consumption potential will take the initiative to focus on the store broadcast dominated by the brand with higher conversion rate due to their more mature brand mind, while the live broadcast room of popular anchor is more suitable to attract entry-level luxury consumers for innovation.

02. China’s luxury market growing against the wind

According to Bain research, the global luxury market in 2020 shrank by 23%, and China’s Chinese mainland market share was nearly 1 times the trend. Luxury online sales increased by about 150%, and the growth is expected to continue. By 2025, China will become the world’s largest luxury market. At the same time, in the post epidemic era, the consumption habits have changed dramatically. Chinese luxury consumers gradually turn to online shopping, and the trend is obvious. Luxury online consumption has become the main driving force of growth. Bain research shows that 40% of consumers plan to increase the proportion of online purchases of luxury goods in the next few years.

Luxury brands, which used to be cautious about e-commerce, are also more active in embracing digitalization. From the “step-by-step admission” of different luxury categories to the trend of opening luxury stores on tmall, it is reported that more than 200 luxury brand flagship stores have been officially settled, covering 65 luxury brands such as watches and jewelry. Aware of the high digitalization of Chinese consumers, many luxury brands not only use Chinese e-commerce as a sales channel, but also as a marketing platform, so that it can play a role in improving consumer awareness, brand equity and attracting new customers.

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