New study reveals mindset and buying patterns shifting for China's luxury consumers; shows growing interest in native brands
NEW YORK, Nov. 30, 2023 /PRNewswire-PRWeb/ -- LookLook, a marketing intelligence platform for consumer insights, today released LuxuryVerse China - November 2023 Pulse Check, a new report that looks at the mindset of female luxury buyers in China and the social and economic factors driving their purchase decisions. The study reveals a shift in priorities, buying patterns, and brand loyalty post-pandemic – most notably, an increased interest in native Chinese beauty brands.
"It's a challenging time for many luxury brands in China who counted on 2023 to be their bounce-back year as restrictions lifted, but nowhere as much as in the beauty category," said Malinda Sanna, CEO and founder of LookLook. "Our China LuxuryVerse study reveals that some of this is driven by a sense of superior price-value vs. Western brands, but the real source of appeal is in growing Chinese pride."
The LuxuryVerse China study was conducted among an invite-only collective of 100 highly qualified female luxury buyers to learn how their mindset has evolved since the beginning of the year – including how she feels about living in China, how she's resuming travel and shopping, and which brands she feels most strongly about and why. Some of the findings:
Current Mindset & Priorities
- There is a notable shift in priorities, with a focus on wellness and serenity. She values her freedom post-lockdowns.
- Early in 2023, nearly half of the LuxuryVerse panelists prioritized a new luxury handbag. Now, less than 1 in 5. Travel is where she is spending more.
- Visa issues continue to be a constraint for one-third of the panel, but many have resumed travel. Europe and Asia are top choices, with notably minimal interest in North America (highlighting safety concerns).
What's Driving Purchase Behavior
- She will spend on luxury items but feels "cautious" because of the economic situation. However, half of the panel is still spending the same amount as before on luxury goods.
- While her desire for luxury handbags has calmed somewhat, she is pragmatically choosing pieces that hold value (e.g. Chanel, Louis Vuitton). Some are shifting investments from handbags to watches and jewelry (e.g. Rolex, Van Cleef & Arpels).
- When it comes to luxury fashion, she is valuing versatility and "quiet luxury" over flashy labels.
Luxury Beauty On The Rise
- She is streamlining beauty routines, with a "buy less, buy better" attitude towards brand choices.
- Native Chinese brands are on the rise. Fragrance brands are playing to Chinese culture and provenance, while skincare brands speak to the unique needs of Chinese women, particularly sensitive skin. Makeup brands are leveraging cults of personality and product innovation.
"There's a growing interest in native beauty brands among the women in our LuxuryVerse panel," said Sanna. "The Chinese luxury fragrance brand Documents is a favorite and rivaling Byredo and Tom Ford in terms of price. Into You is causing a frenzy with its 'lip mud' innovation, while Perfect Diary and Florasis both continue to wow with stunning package designs that feature native visual themes."
The LuxuryVerse is an invite-only community from LookLook that brings together sophisticated buyers from around the world to share insights into luxury products and experiences. LookLook engages with these individuals in virtual hangouts where members discuss luxury products and experiences while gathering insights into what's driving shopping behavior and purchase intent.
Download the full report, LuxuryVerse China - November 2023 Pulse Check.
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About LookLook
LookLook is a market intelligence platform for consumer insights. The company conducts in-depth research on behalf of the luxury retail market and broader industry, gathering insights into shopping behavior and purchase intent to help inform brand strategy and product innovation for Fortune 500 clients, including the world's top luxury houses, tech giants, and CPG brands. LookLook also cultivates exclusive, invite-only communities of luxury buyers around the world, called the LuxuryVerse, to provide unparalleled, custom-based insights for clients and the industry at large. Learn more at LookLook.app.
Media Contact
Malinda Sanna, LookLook, 1 917-991-0477, [email protected], https://looklook.app/
SOURCE LookLook
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