High-end cosmetics and shoes are gaining traction among China’s growing legions of luxury consumers, while watches, handbags and jewelry are less in demand.
That was among the findings of the Ruder Finn/Ipsos China Luxury Forecast 2012, which also revealed that Louis Vuitton, Chanel and Gucci were the top three luxury brands among Chinese luxury consumers, based on responses that included unaided “top-of-mind” and “spontaneous-recall” reactions.
Forty-three percent of the 1,135 consumers surveyed indicated that they would increase their spending on luxury cosmetics, the same percentage as responded affirmatively regarding high-end footwear purchases. Next in demand were upper-tier wines, spirits and cigars, checked off by 40 percent of respondents.
More than half of those participating in the survey — 54 percent — indicated they would spend less on luxury watches, with 48 percent cutting purchases of handbags and jewelry.
“Chinese consumers buy luxury products mainly to reward themselves or build confidence, as well as to reflect their taste and personality, and will continue to do so this year,” said Elan Shou, vice president and managing director, China, of Ruder Finn Asia. “We are seeing a change in spending patterns, not a drop in the desire for luxury items.”
The survey was conducted last month [June] and included consumers who earned the equivalent of between $15,600 and $31,300 a year. Sixty-nine percent of respondents were under the age of 35.
About 10 percent of the luxury goods bought were purchased online, a figure that spiked to 17 percent in the cosmetics category. Nearly 80 percent of respondents said they use or intend to use social media to learn more about the brands and products in which they’re interested.
The survey found a growing tendency to shop locally as China displaced Hong Kong and Europe as the most important destination for luxury-goods purchases. Monobrand stores were the most popular points of sale for these expenditures.
In the ranking of brands, Hermès placed fourth behind Louis Vuitton, Chanel and Gucci, with the top 10 rounded out by Christian Dior, Armani, Rolex, Cartier, Prada and Versace and its Versus offshoot. Vuitton’s unaided awareness was 39 percent, and its spontaneous-recall ranking 65 percent. Chanel garnered responses of 17 and 50 percent, respectively.
In a disclosure footnote, Ruder Finn said Chanel, Hermès, Armani and Cartier either were, or recently had been, among its clientele.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye