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1、Perhaps the most important theme running through 2021 for Chinese luxurymarket is the rise of a new generation of consumers. This report looks at howbrands can adapt to this generational shift and create new growth momentum.On one hand, luxury consumers are getting younger. On the other, the post-90

2、sgeneration, who are now entering their 30s and establishing careers and families,will quickly become a major driving force behind market growth. Research showsthat consumers born between 1990 and 2000 now account for 50% of total luxuryconsumers, contributing 46% of luxury sales. We are now at a ge

3、nerational turningpoint. Growing up in a time of economic prosperity as well as the rise ofaccessible Internet, the post-90sgeneration has experienced mindset shifts, andtheir purchasing needs, habits and profiles are radically different from those of the1st generation of Chinese luxury consumers.Ex

4、isting heavy-spending consumers must not be left behind by brands. Althoughthey only account for 11% of total consumer base, they make up 40% of luxurysales. As major brands have strengthened their digital marketing capabilities, thissegment has seen increased demand for personalization and exclusiv

5、ity. To bettersatisfy this discerning group, brands need to provide integrated omnichannelservice offerings.2021 marks the 4th year that Tencent Marketing Insight (TMI) and BostonConsulting Group (BCG) have collaborated on exploring the luxury market trend ofmainland China. Over the past few years,

6、we have witnessed how companies haveconstantly adapted their digital marketing strategies to cope with an ever-changing market landscape. We closely follow the market dynamics every year,and we remain committed to constantly improving our research methods. Wehope that this series of reports will off

7、er brands more accurate insights intomarket dynamics, driving informed marketing strategy making and improvingreturns on those strategies.PrefaceAbout this studySourcesSample sizeKey outputs1.Consumer coverage: 18-55 years old; tier 15 cities2.This report focuses on consumers of mainland China witho

8、ut covering consumers living in Hong Kong, Macao and Taiwan because of different consumer behaviors, duties etc.Consumer surveysQuantitative consumer surveyTencent AdsSurveyed 4,700 consumers1of mainland China2 who have purchased luxury goods during June 2020 -June 2021Selected from 1,000+ cutting-e

9、dge casesPurchasing behaviors & trends, segment profiles, demand insightsUse cases and case studies of luxury brandsCase studiesThis report focuses on the following key luxury categoriesNote: This report does not include accessible luxury, high-end cosmetics or personal care categories1. Ready-to-we

10、ar1.1 OuterwearRMB 10,0001.2 Shirts/T-shirts and other topwearRMB 1,5001.3 One-piece dressesRMB 9,000 1.4 Suits/setsRMB 12,0001.5 Sweaters/knitwearRMB 3,0001.6 Skirts/trousers and other bottom wearRMB 1,9001.7 Expensive ready-to-wearRMB 50,0002. Handbags2.1 HandbagsRMB 7,6002.2 Expensive leatherRMB

11、40,0002.3 Exotic leatherRMB 80,0003. Footwear3.1 FootwearRMB 2,3003.2 Expensive footwearRMB 10,0004. Accessories4.1 Sunglasses/eyewearRMB 1,4004.2 Scarves/small leather goodsRMB 1,4005. Jewelry & watches5.1 JewelryRMB 9,0005.2 Watches RMB 15,0005.3 High-priced jewelryRMB 200,0005.4 High-priced watch

12、esRMB 200,000CategorySub-categoriesThreshold priceCONTENTSPART 01Decoding Growth05PART 02SegmentsDeep-dive23PART 03Strategy Insights36Decoding GrowthPART 016Luxury market of mainland China1is forecasted to grow by 23%-25% in 2021, driven by a combination of multiple factorsRMB 100bn market growthLux

13、ury market size of mainland China1(RMB 100bn)72%More convenient shopping channels67%Better product offering, improved services66%Increased pleasure spending for self-reward64%Growing appetite for luxury productsBetter local shopping environmentChange in spending attitudesShop local due to COVID-1934

14、%Shop local by choice38%Proactively boostingspending28%The reasons behind increasing luxury spending in mainland China14.25.26.320202021F+23-25%2022F1. This report focuses on consumers of mainland China without covering consumers living in Hong Kong, Macao and Taiwan because of different consumer be

15、haviors, duties etc.Source: 2021 TMI X BCG Luxury Consumer Survey (N=4,700); expert interviews; BCG analysis7The booming luxury market of mainland China1is seeing a big demographic shift that has spawned some new consumer needs and behaviorsRise of younger consumers: post-90s have become the backbon

16、e of luxury market, representing 50% of total consumer base and expected to grow their spending by 25-30% in the next year.Existing heavy-spending consumers are still important: heavy-spending consumers (annual luxury spending RMB 300K) make up 11% of consumers but contribute 40% of sales, and their spending is expected to grow by 25-30% next year, driven by better brand service and the increase in resale value.Consumer landscape: after analyzing the purchasing power of different age groups, we