2019中国奢侈品消费者数字行为报告.pdf

12Key outputsSample sizeTencent x BCG luxury consumer group insight studyTencent AMS platformTencent platform users’ survey responsesChinese consumers interested in luxury goods~1,500 consumers (true- luxury buyers in past 12 months)True- luxury consumer group profile and digital behaviorLuxury touchpoints and purchase pathway; category differencesInsight sourceTencent insightConsumer survey3Copyright © 2019 by Boston Consulting Group. All rights reserved.Backup: This report focuses on the true- luxury categories listed below, and excludes accessible luxury, fragrances and cosmeticsPersonal luxury goodsCategorySub-categoryThreshold price1. Handbags1 Handbags>1,000 € each2. Shoes2 Shoes>350 € each3. Accessories3.1 Sunglasses>180 € each3.2 Scarves/small leather goods>180 € each4. Ready to wear4.1 Outerwear/ coats>1,400 € each4.2 Dresses>1,200 € each4.3 Suits>1,600 € each4.4 Sweaters / knitwear>400 € each4.5 Shirts / Topwear>200 € each4.6 Jeans / pants / skirts>250 € each5. Watches5 Watches>2,000 € each6. Jewelry 6 Jewelry>1,200 € each4Copyright © 2019 by Boston Consulting Group. All rights reserved.Contents01. Insights into China’s true- luxury consumer02. Technology ecosystems re-shaping luxury marketing in China03. New capabilities, new beginning5Copyright © 2019 by Boston Consulting Group. All rights reserved.In 2018 China’s luxury market exceeded €110 B, 33% of the global market, and is growing at 6%Note: Including purchases abroad; Including leather accessories, apparel, watches and jewelry, fragrances and cosmeticsSource: BCG Luxury Market Model Chinese personal luxury market maintains 5-6% growth CAGRTrue luxuryAccessible luxury69%73%27%28%9828%73%201572%2016201728%72%201832%2025F95105111157-164+4%+5-6%€ B, retail value222241334164(41%)111(33%)Rest of world20182025FChina40574% of global growthChina will contribute 41% of global luxury consumption by 2025€ B, retail value6Copyright © 2019 by Boston Consulting Group. All rights reserved.Among true- luxury goods, ready-to-wear, watches & jewelry and handbags each contribute €6-7 Bn in retail sales1. Percentage of those who have purchased the category in the past 12 months; 2. true luxury only, excluding perfumes and cosmeticsSource: BCG X Tencent Luxury Study, 2019Purchase penetration among luxury consumers1（%）426150445424%Shoes6Ready-to-wear23%Total 2Watches & jewelry15%22%HandbagsAccessories16%100%7644272018 China’s true- luxury market size – by category (€ B)7Summary of insightsLuxury consumers continue to be young, 48% of them are aged below 30 and contribute 42% of luxury sales Geographically, majority of true- luxury consumers are from Top 50 cities (tier 2 or above) who contribute 73% of sales; the rest 27% are widely dispersed in over 2,000 lower tier citiesChinese true- luxury consumers can be classified into 9 segments. Absolute luxurer, Megacitier and Rich Upstarter represent the 3 largest segments; collectively they contribute 46% of salesThe path to purchase happens digitally. On average, 60% of the 4-5 touchpoints before final purchase are online; for handbags, the number of digital touch points for handbags is as high as 6-7Social media influence remains strong: 50% of consumers are influenced via the WeChat ecosystem; Chinese consumers prefer a highly curated, personalized social experienceKOL is a key influence on consumers aged below 30; KOLs are becoming more diverse in their online personalities and their contents & themes increasingly fragmented Chinese consumers prefer more innovative media such as idols created by ecosystem and immersive virtual characters (e.g. from mobile gaming)Overall 80% of luxury purchase journeys are ROPO, 20% higher than the global averageHalf of luxury consumers expect improvement of digital experience at offline stores，i.e. smart fitting, VR/AR experience and smart interactive screensOnline accounts for 12% of purchases: Brand E-com (e.g. Mini Programs) is on the rise, already 33% of total online123456789108Copyright © 2019 by Boston Consulting Group. All rights reserved.Luxury consumers continue to be young, 48% of them are aged below 30 and contribute 42% of luxury sales1Source: BCG X Tencent Luxury Study, 201918-2531-3526-3040+18%14%30%30%9%% of true- luxury consumers12%16%32%30%10%Luxury retail sales contribution %813121114Average true- luxury spend per luxury consumer (€, K)Consumers in each age group36-409Copyright © 2019 by Boston Consulting Group. All rights reserved.High penetration of young consumers in RTW, accessories and shoes; older consumers core for handbags and watches & jewelry11. Percentage of those who purchased the category in the past 12 monthsSource: BCG X Tencent Luxury Study, 20192018 average spend and purchase penetration—by category and by age4.05.75.97.39.74.04.44.54.75.531-3518-2526-3036-4040+2.72.93.74.24.44.56.36.26.05.65.05.03.32.82.85757666459Penetration12945523949Penetration3044494332Penetration5653545358Penetration5149515343PenetrationHandbagsReady-to-wearShoesWatches & j...