Once upon a time, India existed in popular imagination as a patriarchal country steeped in tradition, in which Indian women were perceived as demure. For earlier generations, including Indians in their 50s or 60s, imagining an alternate reality, for Indian women was impossible.
Our previous posts discussed the insights discovered in MSL China’s executive whitepaper, “For the Love of Luxury” on three types of young female luxury consumers: Desktop Cinderellas, Golden Dolls, Trench Coat Tigers that we have indentified in our report. Today, we will share some recommendations for engaging these consumers.
Despite having different backgrounds, lifestyles and shipping preferences, they all have a common desire for luxury products and aspire to set themselves apart. They claim to be more sophisticated and knowledgeable about luxury and lifestyle related matters than the ‘baofahu’ or ‘newly rich’ and try to distinguish from each other by emphasizing their personal style or buying exclusive products.
The three types of young Chinese luxury loving females that we have identified were briefly introduced in the last post. Today, we will be sharing insights from MSL China’s executive whitepaper “For the Love of Luxury” on differing consumer behaviors and brand preferences between the three groups, and what marketers can consider when formulating their engagement strategy.
Purchasing Power and Shopping Experiences are Distinguishing Factors
China's elite visit SIBAS
It was another week of shopping for China’s elite – filled with the prospect of owning some of the most luxurious toys a man (or woman) can own. Let’s put it this way, when the big boys have got basically everything they need, the next most logical thing they look towards are these bigger, more extravagant machines with big engines.
1st – 4th April, 2011 – MSLCHINA’s Luxury Team went to Hainan last week to support its clients. Here are their thoughts and observations about new luxury in China:
There is an old saying that goes ‘Money Can’t buy Taste’, many believe that it needn’t matter how much fortune one has, it is pertinent to one’s taste. This is probably true and this was before a foray of the world’s luxury brands had their eyes set on China’s riches with amassing fortune and huge appetites readily negotiating their identities via luxury goods. What has happened since then is another story, ‘Money is being spent on educating the Chinese on Taste’. This is what we have seen so far, or at least during the weekend in Sanya at Hainan Rendez-Vous, the official Chinese Riviera and designated tourism hotspot for the rich in China. Set to become one of Asia’s ultimate luxurious experiences, it showcased some of the world’s finest luxurious toys, ranging from yachts, jets, helicopters, properties to jewelry etc.
Luxury brands have a specific challenge in using social media: the need to retain the aura of exclusivity around their brands even as they embrace the inclusive, accessible nature of social media.
The solution lies in using social media in a manner that awareness of the brand’s promise is accessible while achievement of the brand’s promise is exclusive.
Sometime back, I had outlined four powerful strategies for luxury brands to use social media to balance accessibility and exclusivity –
1. Create awards, magazines and communities to interpret luxury lifestyle, fashion and design with the brand’s unique lens.
