China’s Luxury Market Is Stabilizing—But Changing Consumer Psychology Will Shape Its Future
['Pamela N. Danziger', 'Clara Ludmir']
Forbes - Business
So far, many luxury brands are feeling wind at their back in the Asia-Pacific region, excluding Japan.
And that’s the overriding challenge because the motivations for luxury consumers in the U.S.—the world’s largest luxury market—are diverging from those of Chinese consumers in profound ways.
Notably, among the 2,000 U.S. and Chinese luxury consumers surveyed, Americans are increasingly turning to challenger brands rather than established luxury houses.
How Luxury Is Experienced The moments that matter most for U.S. and Chinese luxury consumers are those that create lasting memories.
The research suggests luxury brands should use AI to strengthen client confidence without diminishing the critical human factor that defines China’s personal service model.