China
In 2024, China’s luxury market faces a new challenge: “luxury shame.” This phenomenon is reshaping strategies for high-end brands due to economic downturns and government policies aimed at curbing conspicuous consumption. Chinese consumers, influenced by economic uncertainty and social pressures, now prefer discreet products that retain long-term value over flashy items perceived as excessively opulent.
This shift is not just an economic reflection but also a cultural transformation. Recent economic fluctuations in China have caused uncertainty among consumers who previously viewed luxury goods as essential status symbols. This economic instability is compounded by government measures promoting frugality and responsibility, steering consumer behavior toward more conscious and less overt displays of wealth.
LVMH, the world’s largest luxury goods conglomerate, has been significantly impacted by the recent slowdown in China’s consumer spending. In the first half of 2024, the company’s net profit fell by 14%. This trend is part of a global phenomenon affecting luxury brands, particularly in Asia, a key market.
Luxury brands are adopting an aggressive discount strategy in China, offering up to 50% price…
[lwptoc numeration=”none” title=”Contents” toggle=”0″] Introduction E-commerce in China has experienced unprecedented growth over the past…
Influencer marketing has emerged as an essential strategic tool for luxury brands seeking to consolidate and expand their presence in the Chinese market. This report provides a comprehensive analysis of the current state of influencer marketing in China’s luxury sector, emerging trends, challenges, and opportunities in this evolving market.
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