China’s luxury market may be in slowdown mode, but companies which adjust to rapidly changing consumer habits and attitudes still stand to win big, according to Chinese flash sales site Glamour Sales co-founder Thibault Villet in a recent Bloomberg interview.
In the video embedded above, Villet shares his thoughts on the main factors driving the Chinese luxury market’s current slowdown, asserting that his company has not felt the effects of the Chinese government’s anti-corruption campaign. He argues that the picture is much more complex, stating that shifting consumer tastes and a growing propensity to shop abroad to avoid tariffs are also big factors.
“Their behavior [is] changing,” says Villet of China’s luxury consumers. “First of all, the tastes of the consumers are changing from ‘in the show’ to ‘in the know,’ and they are looking for new brands—especially brands that have newly entered the Chinese market as well as the affordable luxury segment.” Check out the video to see his full interview.