Prestige Consumer In China Is “Young, Digitally Native, And Obsessed With Luxury”
75% of wealth creation in China is centered in second- and third-tier cities
This week, as part of its “Five Predictions for 2012,” the New York-based digital research firm L2 takes a look at China’s booming e-commerce market — which Jing Daily expects is in for an industry shakeout this year. Noting the relative youthfulness and digitally savvy nature of Chinese luxury consumers, the video expects China to become the biggest opportunity for prestige brands within the next five years.
This fits with the recent report by the Boston Consulting Group, in which it predicted that China would become the world’s largest e-commerce market in 2015, the same year McKinsey expects the country to become the world’s largest luxury market. It is this confluence of e-commerce and luxury consumption — paired with greater demand from consumers in second- and third-tier cities — that should make China one of the world’s key markets in coming years.
Though brief, the video is definitely worth watching, with the section on China beginning at 2:54.
