Online sales hold key to capturing China spending - MasterCard
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Asian luxury brands should capitalise on the current financial crisis to innovate and rethink distribution channels, according to a new report from MasterCard Worldwide. Entitled ‘The Luxury Industry: Lessons Learnt from Past Crises’, the report examines the growth of the global luxury industry through the various crises and distils lessons for brands to apply in the current economic climate.
MasterCard’s research showed that the key discretionary spend by affluent consumers in
Greater China will reach US$200.7 billion in 2015 – with US$166.9 billion of spend by consumers in China, US$17 billion in Hong Kong and US$16.8 billion in Taiwan.
To capture this market, improving services in luxury online and offline stores has been singled out as a top priority for luxury brands. With consumers demanding a total experience that is functional, sensorial and emotional, brands need to think of more innovative and customised ways of engaging its affluent clientele, the report states.
The percentage of respondents looking to shop online continues to increase steadily, with China (94%) having the highest number of respondents intending to shop online when surveyed.
The latest report is part of a series of research pieces MasterCard has published on the affluent and luxury industry in Asia, including MasterCard Indexes and Insights reports. These are available at: www.masterintelligence.com.
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