EXAMINING CHINA: Shanghai residents love luxury, and will continue to be key consumers for Western fashion brands, according to a report, “China Reality Check,” by Exane BNP Paribas and marketing firm ContactLab.
The report polled 1,000 consumers aged 25 to 54 in Shanghai and separately in New York on their luxury shopping habits and familiarity with different brands, and determined that the Chinese had spent 1.5 times as much on luxury apparel, 1.4 times as much on luxury footwear and more than twice as much on luxury bags than their American counterparts over the past 12 months. Both Chinese and Americans expressed an interest in spending more on luxury goods in the future.
One area of difference: while 69 percent of New Yorkers said they had limited their luxury spending to the U.S., only 30 percent of Shanghai shoppers said the same, highlighting the need for Western brands to cater to Chinese tourists on the prowl.
Unprompted brand awareness in Shanghai landed Louis Vuitton, Chanel and Gucci in the top three slots, while in New York, Gucci was number one, followed by Coach and Louis Vuitton.