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October 24, 2018

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Some things matter more than price

By Ding Yining | 00:01 UTC+8 October 24, 2018 | Print Edition

More than half of Chinese shoppers buying luxury brands, such as leather goods or apparel from LVMH or Zegna, do not consider price as their main factor, a new survey by consulting firm OC&C Strategy found.

Shopping for luxury brands online is increasing across all generations, but its growth is faster among the young, according to the September survey of 5,000 Chinese luxury shoppers.

Purely online luxury shoppers represent only 1 percent of those surveyed, but 36 percent buy luxury brands both online and offline. As many as 60 percent of respondents born after 1995 say they are shopping online, compared to 37 percent for those born between 1980 and 1995 and 26 percent for those born between 1960 and 1980.

The survey shows that rather than price, convenience and choice of are the key factors driving online luxury purchases.

Those buying in brick and mortar stores are looking for authenticity and service.

The luxury market is seen growing over the next three to five years, helped by government efforts and policies to boost domestic consumption and crack down on the “gray market,” the selling of goods through unofficial markets or channels, said OC&C Associate Partner Veronica Wang.

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