Over the next 15 years, the global addressable market for luxury goods is expected to grow by 600 million consumers, provoking growth forecasts of 2.2 times GDP. Much of this growth is projected to come from one market: China. In 2000, the Chinese market accounted for a fraction of luxury sales globally, however torrid growth means in 2015, China will likely overtake Japan as the world’s largest luxury market.

McKinsey reports (PDF download) that 73 percent of Chinese luxury consumers are under the age of 45, and upwards of 45 percent are under the age of 35, suggesting that the majority of prestige purchasers are digitally native. In the U.S., the average female prestige consumer registers household income of $150,000 and spends $3,000 annually on handbags. In contrast, the average female prestige consumer in China makes $18,300 and spends $2,000 annually on handbags. Often these purchases occur after two to three months of research and consideration, most of it done online.

None of global internet leaders is taking the lead in China and we have tens of popular local social networks, hundreds of BBSs with significant traffic, fast-growing Weibo and other digital channels, which makes marketing in China digital space a real challenge for foreign brands. Which brands are doing good in China, what we can learn from them and what are the key factors of doing digital marketing in China, etc. These are the often-asked questions when we discuss the social marketing strategy for brands.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Gang Lu

Dr. Gang Lu - Founder of TechNode. He's a Blogger, a Geek, a PhD and a Speaker, with passion in Tech, Internet and R'N'R.