Demand for jewelry and timepieces is nothing new in mainland China, yet the speed with which the market re-established itself as one of the world’s top hard luxury markets over the past three decades is nothing short of astonishing. Even in the pandemic-hit year of 2020, China’s jewelry market managed to reach RMB 647 billion ($100.13 billion), up from an estimated RMB 295.7 billion ($46.2 billion) just one decade before.
Today, young consumers are an integral customer base in the China luxury market, which is led by millennials and, increasingly, Gen Zers who now purchase roughly 15 percent of all luxury goods in China. Hard luxury brands now face one clear question in China: what is the best way to reach, influence, and retain Gen Z consumers in China?
Featuring interviews with the CEO of Girard-Perregaux, the head of Tmall Luxury, and more, this Market Report investigates what sets China’s ascending Gen Z consumers apart from their millennial forebears, and what hard luxury brands can (and should) do to attract this fast-growing demographic.
Among the key questions covered in the report:
- What sets Chinese Gen Zers apart from their millennial counterparts?
- What is spurring interest in hard luxury among Gen Z in China?
- How do Gen Z consumers in China discover brands?
- What are the factors helping them choose what to buy and when?
- What roles do social media and short video apps play in the consumer journey?
- What are the biggest challenges to selling hard luxury to Gen Z in China, and how do they differ from other major markets?
- What opportunities are hard luxury brands currently overlooking to increase sales to Gen Zers?
Table of Contents:
- Executive Overview
- Introduction: The New Generation Taking Over Luxury
- Jing Daily Trend Rating
- Is China’s Hard Luxury Boom Just Beginning?
- Understanding China’s Young Consumer
- Spotlight Interview: Patrick Pruniaux, CEO, Swiss watchmaker Girard-Perregaux
- A Hard Luxury Market Like No Other
- How to Reach and Influence Gen Z in China
- Spotlight Interview: Janet Wang, Head of Tmall Luxury, Alibaba Group
- Case Studies: The Competition From Chinese Brands
- Spotlight Interview: Chloé Reuter, Founding Partner: Gusto Luxe, Gusto Collective
- Captivating the Young Collector: Strategies For Selling Luxury Watches to Gen Z
- The Road Ahead: Challenges and Solutions
- What’s Next?