LONDON — For the most affluent Chinese luxury consumers, it’s the idea of craftsmanship that most defines luxury, ahead of the concepts of high price and status. That’s according to a report by the market research company Mintel will release Wednesday.
The firm said that of the Chinese luxury consumers it interviewed, 71 percent of those with a household income of over 25,000 renminbi, or $4,064 a month, defined luxury as “craftsmanship,” a ten percent increase on those luxury consumers earning between 20,000 and 25,000 renminbi, or between $3,251 and $4,064, a month.
The lower the luxury consumers’ income, the more they associated luxury with the ideas of “status” and “extravagance,” Mintel said. 53 percent of those luxury consumers with incomes between 20,000 and 25,000 renminbi a month said status was a consideration when making luxury purchases, compared to 48 percent of those earning over 25,000 renminbi a month. And when Mintel asked if consumers saw “extravagance” as being central to a luxury good’s definition, the proportion who agreed was greatest — at 53 percent — in those consumers who had a monthly household income of between 12,000 and 18,000 renminbi, or between $1,950 and $2,926.
“This research highlights that the wealthier a consumer is, the more likely he or she is to appreciate luxury goods for their innate quality and value — and the less likely he or she is to define luxury in terms of external factors such as the status or extravagance of a luxury product,” said Matthew Crabbe, director of research for Asia Pacific at Mintel.
The firm’s research also found that Chinese luxury consumers are growing more accepting of Chinese brands, citing the finding that 43 percent of urban Chinese consumers believe that Chinese and foreign luxury clothing brands provide the same quality of product. “Though the trend is still in its infancy, Chinese brands are beginning to make inroads with Chinese luxury consumers,” said Crabbe. But conversely, when it comes to categories such as watches and cosmetics, Chinese customers still believe foreign brands are superior, with 79 percent of urban Chinese consumers believing foreign watches are superior to Chinese brands and 69 percent of consumers believing foreign cosmetics are superior to Chinese brands.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews