Recently, the Royal Bank of Canada Europe released a latest global luxury survey report. The report shows that in China's luxury consumer market, the bigger the brand, the more likely it is to grab the hearts of consumers.
This conclusion bodes well for luxury brands and luxury giants such as LVMH Group, Richemont Group, Swatch Group, Kaiyun Group, Hermès and Tiffany.
The study investigated 643 wealthy Chinese consumers aged between 18 and 65 who had purchased at least one luxury item in the past 12 months. Of these Chinese consumers who buy luxury goods, 62% are young people aged 18 to 34, and only 6% are over 45. The sex ratio of the sample was 61% for women and 39% for men.
The survey results show that although e-commerce is well-developed, among all luxury items, Chinese consumers prefer to buy clothing, shoes and beauty products online rather than handbags, watches and jewelry.
In the category of luxury handbags, Chinese consumers have the highest purchase intention of CHANEL handbags, accounting for 20%, followed by GUCCI, accounting for 16%, and tied for third place are HERMES and PRADA, accounting for 9%. In fifth and sixth place, LVMH and Dior accounted for 8%.
Therefore, CHANEL, GUCCI and HERMES are the most active in the field of handbags, while LVMH and Dior are relatively stable in the survey.
At the same time, although CHANEL handbags had the highest purchase intention, respondents also stated that if there is no budget limit, HERMES will be the dream bag they most want.
In the luxury fashion category, CHANEL is also the most popular brand. Chinese consumers have an 18% purchase intention, followed by Armani, which accounts for 15%. Ranked third is GUCCI, accounting for 9%, LVMH and PRADA each accounted for 7%, tied for fourth place, Burberry accounted for 5%, ranking sixth.
Compared with previous surveys, both Chanel and Armani have gained momentum and other brands have been relatively stable.
In the luxury footwear rankings, LVMH took the lead with 20% purchase intention, followed by GUCCI, accounting for 19%, PRADA ranked third, accounting for 13%. Dior and Balenciaga ranked fourth and fifth respectively. The proportion of traditional footwear brand Ferragamo is only 2%, ranking outside 10, and in the past few years, Ferragamo is usually ranked in the top five.
In the jewellery category, Tiffany and Cartier’s consumer sentiment was tied for 26%, tied for first place; Bulgari ranked third with 15% and Boucheron and VanCleef & Arpels ranked fourth and fifth.
In the luxury watch category, Rolex is undoubtedly the top brand with the highest purchase intention of 20%. In second place is Longines, accounting for 13%, and third place is Omega, accounting for 12%. In addition, Cartier’s willingness to buy was 8%, ranking fourth, Bulgari 6%, ranking fifth, and Tissot and Patek being 5%, tied for sixth.