More Wealthy Chinese Think Local Luxury Brands ‘On Par or Above’ Foreign Brands, Says New Study
The sophistication of China’s luxury consumers is evident in a new study from market research firm Mintel that underscores their preference for quality and craftsmanship and desire to seek new brands, including local luxury brands. In certain categories such as watches and cosmetics, foreign brands are still prized for their superiority. For luxury apparel and shoes, about 40 percent of Chinese believe local luxury brands provide the same quality as foreign brands. Among wealthy Chinese, craftsmanship is the most popular word to define luxury according to the study. Almost two-thirds of urban Chinese put the term ahead of ‘expensive’ and ‘status,’ and the portion rises to 71 percent for those with monthly household income of more than 25,000 yuan ($4,000).
By Luxury Society