Chinese version
Forum on Building Brand Power & Press Conference of Report on Consumers’ Spending Habits on Luxuries

 

     

April 28, 2016

    The Forum on Building Brand Power & Press Conference of the 2015 Report on Chinese Consumers’ Spending Habits on Luxuries was held at UIBE on April 22, 2016. Organized by UIBE’s Research Center of Chinese Consumption of Luxuries and the Institute of Chinese Consumer Economy, this Forum was aimed at providing suggestions to the government and Chinese enterprises by studying rules and tendencies of Chinese consumption of luxuries in the context of “Made in China 2025”.

   
     At the Press Conference, Zhao Zhongxiu, Vice President of UIBE, said that the 2015 Report on Chinese Consumers’ Spending Habits on Luxuries (hereinafter referred to as “the Report”) was a result of the hard work of various researchers, and represented a landmark of UIBE’s research in the area of consumption. Chinese consumers’ spending habits and tendencies have attracted broad attention from not only consumers themselves but enterprises, investors, and media. It was our responsibility to analyze market status in an objective and reasonable way and to predict future trends with accuracy in the context of the new normal. Mr Zhao believed that the Report was a contribution to the consumption study as well as the world economy, and that the Report would become a indicator of China’s economic advance, life improvement, and ways to sustainable economic development.

  
     The Report is composed of seven parts. Part I is a status analysis of China’s consumer market of luxury goods, while Part II is concerned with research designs. Part III is a contrastive analysis between indexes of consumers’ spending habits on luxury goods of 2014 and of 2015, summarizing characteristics of Chinese consumption of luxury goods and Chinese consumers’ understanding of luxuries consumption. Part IV reveals the generality and particularity of Chinese consumers’ decision-making in buying luxuries, and concludes 15 factors that influence such decision-making. Part V classifies Chinese luxuries-consumers based on traditional Chinese cultural values, while part VI displays how luxury market grows and how luxury industry interacts with Internet technology. The last part makes a prediction of the market of Chinese luxury brands.

   
    According to the Report, Chinese market of luxury goods is currently filled with opportunities and challenges. Despite of difficulties and adjustments, the future market will have a stable development. Classical and innovative designs are the guarantee of continuous profits. The market is experiencing an omni-channel retailing model, and the preferred purchasing channels of Chinese consumers are exclusive stores, outbound shopping, discount stores, overseas shopping representatives, cross-border online shopping, and domestic online shopping. In addition, the spending habits of Chinese luxuries-consumers are influenced by traditional Chinese cultural values, especially by Confucianism and Taoism.

   
    In the Forum of Building a Brand Power, a variety of insightful speeches were delivered by renowned scholars and entrepreneurs, including Wu Bingxin, President of Sanzhu Group, Zhang Shixian, Director of Economy and Management Publishing House of the Chinese Academy of Social Sciences, Wu Ruiling, Vice Executive Secretary of China Chain Store and Franchise Association, Qin Xiaoxia, Brand Director of LA CLOVER, and Professor Zhang Mengxia, Executive Director of the Research Center of Chinese Consumption of Luxuries.

 


 


 

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