China - 12.02.2024


Intarget is pleased to present the seventh edition of the In:China Monitor report, titled “Understanding China and APAC luxury evolutions.” This in-depth study explores the evolving dynamics of the luxury market in China and the APAC region, providing Western brands with valuable data, industry expert interviews, descriptive and predictive analysis, as well as practical advice for navigating the landscape of 2024.

Our research indicates an expected growth of 6% in the luxury market in China and 4.4% in the entire APAC region. These figures reflect a positive trend that, despite a slight slowdown compared to previous years, demonstrates the significant resilience of luxury consumers in the face of global economic challenges.

The year 2023 saw significant growth in key segments such as luxury accessories, footwear, and jewelry, setting a trajectory that we expect to continue into 2024. Our analysis also highlights a shift in consumer priorities, now placing greater value on authenticity, true worth, and sustainability.

We have observed that the luxury market is undergoing a structural transformation, with a growing focus on the middle class and the adoption of inclusive strategies. Pop-up events, exhibitions, and discussions are becoming essential tools for engaging consumers, who wield considerable influence, especially online.

Furthermore, the increasing spending power of Chinese luxury consumers is leading to a greater emphasis on social and environmental values. This presents a significant opportunity for European luxury brands to align with these emerging values and strengthen their position in the market.

The online presence of luxury brands in China has grown significantly, reaching 46% due to investments in specific apps and official websites. This underscores the importance of targeted advertising strategies and a holistic approach to customer data management to build loyalty and deliver personalized experiences.

We have also noted the effectiveness of integrating CRM with tools, such as WeCom, which facilitates more efficient customer data management, enhancing engagement and the impression of WeCom Moments.

Several prestigious brands have already successfully implemented these strategies in China, demonstrating the effectiveness of actively listening to the market and adopting technological innovations. In our report, we have expanded the analysis to include luxury developments in other APAC countries, highlighting how each contributes a unique element to the luxury landscape.

Finally, we have explored the new opportunities offered by e-commerce, AI-driven personalization, predictive analytics, and emerging technologies like blockchain. These tools not only enhance the shopping experience but also provide new ways to ensure product authenticity and safeguard consumer data privacy.

We invite you to read the full report to delve deeper into our findings and discover how your brand can successfully navigate this evolving landscape. The seventh In:China Monitor reflects our ongoing commitment to providing valuable insights and practical advice to brands operating in the dynamic luxury market in China and the APAC region.

To access the entire In:China Monitor, please visit this link.