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June 11, 2021

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Poll finds luxury goods recovery

By Cathy Ding | 00:12 UTC+8 June 11, 2021 | Print Edition

Consumer confidence has fully recovered in terms of luxury purchases a survey has found, with as many as 41 percent of respondents on Chinese mainland and 33 percent in Hong Kong indicating they will spend more on such goods in the next 12 months.

They are most willing to increase or maintain spending on beauty products and cosmetics, followed by clothing and shoes, according to the latest joint study by Ruder Finn and market research firm Consumer Search Group that surveyed 2,000 consumers on the Chinese mainland and Hong Kong.

Conducted in January, the survey comprised shoppers with an average annual household income of 1.4 million yuan (US$220,000).

Meanwhile, the luxury automobile and travel sectors are taking a blow, as sentiment has shifted during the coronavirus pandemic.

With shoppers nixing their overseas shopping plans by focusing on local markets, Shanghai, Beijing, Guangzhou, Shenzhen and Sanya have become the top five mainland cities for luxury product purchases.

Domestic consumers’ confidence and pride in Chinese brands are also increasing. Nearly 50 percent of respondents on the mainland believe that compared with overseas brands, China brands are better and competitively priced.

“Luxury brands can create more diversified product choices for Chinese consumers, and use different strategies such as building exclusive Chinese versions, cross-brand collaborations and combinations of Chinese elements to minimize the gap between domestic and overseas markets,” said Gao Ming, senior vice president and managing director of Luxury Practice China at Ruder Finn Group.

Thanks to duty-free policies, Sanya has surpassed all second- and third-tier cities to become the fifth-largest luxury shopping city in China.

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