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Why COACH, Michael Kors, Apple, GM And New Balance Are Succeeding In China
Why COACH, Michael Kors, Apple, GM And New Balance Are Succeeding In China
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newbalance COACH COACH , Michael Kors , Apple Apple and New Balance, as well as brands like GM and Rebecca Minkoff are all succeeding in China and with the Chinese Global Consumer Demographic.
new balance 2014 shoes Why them and not others?
new balance shoes on sale What they all have in common is that they are American brands and they operate in the “affordable luxury” category in China.  While high and ultra high end luxury sales have been a mainstay of Chinese consumption over the last fifteen years, affordable luxury brands, retailers and products have risen to the top of the list of the most desired, purchased and beloved in China and among global Chinese consumers.
new balance sneakers As recently as six years ago, the question in China was: “We know there is a market in China for a $15.00 handbag and $5,000 handbag, will there ever be a market for $500 handbag?”
new balance shoes on sale The answer now is a resounding yes. And  there is a market for a $700 iPhone, $150 sneakers, and  $800 dresses.
new balance sneakers A perfect storm of factors over the last three years have led to the exponential growth of the category:
An increased awareness and desire for American brands and American lifestyles and aesthetics
A newly sophisticated and savvy consumer seeking new brands beyond the traditional power brands
Increased e-commerce options and engagement
Increased travel abroad for pleasure and business
The explosion of China’s middle class
The now two year old government policy of discouraging outrageous displays of wealth
The desire for affordable luxury has grown so fast that now traditional ultra-premium brands are also offering new products at lower price points to compete in the category.  There is no doubt that in 2014,  and in the years to come, the affordable luxury sector will be a huge driver of consumption and brand growth in China.  That said, it is important to understand who Chinese affordable luxury consumers are and what motivates their purchase decisions.
The following is an except from my new book “China’s Super Consumers: What 1 billion Customers Want and How to Sell it To Them”  that explains who these consumers are, what  drives their purchase decisions, and how brands and retailers are, can, and should engage Chinese consumer demand for affordable luxury. My co-author, Savio Chan, and I  explain in detail the factors listed above as separate subjects in and of themselves, but also as they are relevant to the affordable luxury sector.
—————————–
A few years ago, the concept of “affordable or accessible luxury” as a market mover in China was little more than a dot on the horizon. Today, the situation couldn’t be more different. Affordable luxury brands (and traditional luxury brands that have expanded into the affordable luxury sector) have seen significant growth marked by rapid and profitable retail expansion, increased e-commerce sales, a loyal following of new middle-class customers, and renewed interest and sales from older, wealthier legacy customers.
Some brands sell only in the luxury space, never discounting and never marketing lower-priced or starter products. But other global luxury brands offer products in all three luxury categories (ultra, premium,and affordable luxury). For instance, you can buy a $40,000, $80,000 or $160,000 BMW; at Tiffany’s, you can spend $80,000 on a ring, $5,000 on a necklace, or $200 on a tie clip. In many cases, luxury brands develop separate accessible luxury lines, establishing their own brand identities in the global marketplace. Emporio Armani, which earlier this year opened a watch and jewelry store in Hong Kong, is poised for a leap to the mainland.
Historically, established European labels selling premium and ultra-luxury products to well-heeled Chinese consumers have dominated the luxury segment in China. But with urban, professional income ranging from $15,000 to $100,000 per year in first- and second-tier cities like Shanghai and Suzhou, and urban per-capita disposable income around $4,000 to $6,000 per year, a large new group of middle-class consumers (some 300 million of them) are emerging who seek luxury and accessible-luxury products.
The rise of the affordable-luxury sector has coincided with, and in part been fueled by, an increasing interest in American brands such as Coach, Michael Kors, and Kate Spade, which are expanding on the mainland. American brands in other lifestyle categories are succeeding as well, and are helping blaze the trail for the apparel, footwear, and accessory sectors. But accessible luxury growth is by no means limited to U.S. brands. H&M H&M , Zara Zara , and local favorite Shanghai Tang are succeeding as well.
This sector has become a key growth driver for the China luxury market, yet there is still some confusion on the part of brands and retailers about what defines accessible luxury in China, who the key consumers are, what trends are driving growth in the segment, and what strategies are working. Here is a breakdown of some of the trends as they relate to the Chinese consumer’s maturation process and the emergence of the three categories of luxury: ultra, premium, and affordable luxury.
• Been There, Done That – There is a sophisticated cohort of wealthy legacy luxury consumers who are looking to expand their purchasing options. These consumers are open to experimenting with new brands, new styles, and expanded offerings from trusted luxury brands—even at lower price points. They want to be leaders and trendsetters, not followers, and their discoveries in the accessible luxury sector address this interest.
• Teach Me – A new cohort of middle-class luxury consumers is seeking guidance on how to create a personal lifestyle. These consumers are looking to do this through a mix of accessible luxury and luxury purchases—a $2,000 handbag, for instance, accessorized with a more modest, accessible luxury scarf or shoes.
•The Pioneers – Outbound China travel has exploded over the past two years. Chinese travelers are projected to take 150 million outbound trips by 2020, making them the world’s most prolific travelers. These business and pleasure travelers—as well as students studying abroad—are exposed to brands they’ve never seen in China, or that have low profiles there. And when these travelers return, they seek these brands. They’ve known Louis Vuitton for years, but abroad they may discover such accessible luxury brands as C-Wonder or Belstaff.
• Home Sweet Home - A transformation from house to home/sanctuary is fueling sales in luxury audio, furniture, artwork, décor, and upscale hardware. Accessible luxury and luxury brands have an opportunity to seize on this new-found desire for inside as well as outside luxury. Delorme, the French bedding company, is ahead of the curve in this market, and Bang & Olufsen is making a major new investment and expansion in China. Also of note: Ralph Lauren will be opening lifestyle floors, selling home décor, within their stores in major shopping malls, such as Shanghai’s Plaza 66.
• Youth Movement - China’s young consumers are style-conscious and lifestyle-conscious. Those who live at home, subsidized by family, can spend upwards of 80 to 150 percent of their income on consumer products. They see accessible luxury goods as signifiers of status, individuality, and lifestyle orientation. If you can sell them a $500 bag now, as family wealth increases you may well sell them a $5,000 bag a few years down the road.
• The Red, White, and Blue – We foresee a continually growing interest among Chinese consumers in American brands and retailers, American style, and American aspirational living. The classic European, ultra, and luxury labels will continue to grow and prosper, but now there is room for more players at the table.
Looking at which international brands are growing and expanding in China and where the demographics are headed, there is no doubt that accessible luxury is now a key market driver in China. It is in the expansion of Coach, Michael Kors, and a dozen other American companies reporting profits from China—as well as European luxury companies offering new product levels and lifestyle stores—that we see the proof. As they experiment with their own personal brands, images, and styles, Chinese consumers want affordable luxury as well as traditional luxury and ultra-luxury products. Companies that spend the time and resources to understand the opportunity, to establish the right infrastructure—product mix, pricing models, and brand positioning—may well find that the accessible luxury sector is a driver of success in mainland markets. ___________________________
In what has been a less than stellar two years for luxury in China, affordable luxury has been a real bright spot.  I see this not as a trend, but as a major shift in Chinese consumption habits that will be fueled for years by a growing middle class,  increased travel abroad, new Chinese consumers entering the marketplace, and 2nd and 3rd generation consumers seeking alternative labels, quality at a price and inward focused, experiential luxury.
My book goes into great detail about how to identify, attract, serve and retain China’s affordable luxury consumers and I hope you check it out for the full story.
 
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