2019中国奢侈品消费者数字行为报告（英文）-波士顿-201906_42页_3mb

Tencent x BCG Luxury Consumer Group Insight Study Summary (2019 China True-Luxury Playbook)

Core Content Overview

This report presents a comprehensive analysis of the true-luxury consumer market in China, focusing on the digital transformation of luxury marketing. It highlights key insights on consumer behavior, the influence of social media, and the role of technology ecosystems in shaping the luxury consumer journey. The study is based on a survey of approximately 1,500 Chinese consumers who have purchased true-luxury goods in the past 12 months, using data from the Tencent AMS platform and Tencent platform users’ survey responses.

Main Insights

1. True-Luxury Consumer Profile

• Age: 48% of true-luxury consumers are aged below 30, and they contribute 42% of luxury sales.
• Geographic Distribution:
  • Over 70% of true-luxury sales come from Top 50 cities (Tier 2 or above).
  • The remaining 27% is spread across over 2,200 lower-tier cities.
• Segments:
  • Three major segments: Absolute Luxurier, Megacitier, and Rich Upstarter.
  • These three segments account for 46% of sales.

2. Digital Influence on Purchase Journey

• Purchase Pathway:
  • On average, 60% of the 4-5 touchpoints before final purchase are digital.
  • For handbags, the number of digital touchpoints can be as high as 6-7.
• Social Media Influence:
  • 50% of consumers are influenced via the WeChat ecosystem.
  • KOLs are particularly influential among younger consumers (under 30), with over 70% influenced by them.
  • KOLs are becoming more diverse and their content is fragmented across various themes.
• Digital Experience in Offline Stores:
  • 45% of consumers expect improved digital experience in offline stores.
  • Preferred features include smart fitting, VR/AR, and smart interactive screens.

3. Category-Specific Trends

• Ready-to-Wear (RTW), Accessories, and Shoes have higher penetration of young consumers.
• Handbags and Watches & Jewelry are more popular among older consumers.
• 2018 Average Spend:
  • RTW: €1,400
  • Watches & Jewelry: €1,600
  • Handbags: €1,000
  • Accessories: €180
  • Shoes: €350

Key Trends and Developments

1. Rise of Digital Marketing

• Digital marketing spend in China’s luxury market is increasing rapidly.
• Social media and e-commerce platforms are the main drivers of this growth.
• WeChat is the dominant platform for digital engagement, with Mini Programs and Official Accounts playing a key role.
• Only 12% of purchases are purely online, but brand-owned e-commerce channels are on the rise, accounting for 33% of total online sales.

2. Evolving Consumer Preferences

• Personalized and curated digital experiences are preferred by Chinese consumers.
• Innovative media formats, such as immersive virtual characters and ecosystem-created idols, are gaining traction.
• UGC (User-Generated Content) and interactive content are increasingly used to drive engagement and conversion.

3. ROPO (Research Online, Purchase Offline) Dominance

• 80% of luxury purchase journeys are ROPO, significantly higher than the global average.
• WeChat plays a central role in driving this online-to-offline conversion, with 87% of mini-program traffic coming from WeChat ads.

Brand Strategies and Case Studies

1. Brand Strategies

• Segmentation and Personalization:
  • Brands should target different segments through customized content and different platforms.
• Omnichannel Experience:
  • Ensure consistent brand image across digital and physical touchpoints.
  • Leverage data integration and real-time monitoring to optimize marketing spend.
• Interactive Communication:
  • Brands should experiment with interactive methods to drive traffic from online to offline.

2. Case Studies

• Montblanc:
  • Used oCPA (Optimized Cost Per Action) to improve WeChat follower recruitment.
  • Cost per fan is significantly lower than industry average.
• Hermès:
  • Leveraged WeChat Mini Programs for limited edition campaigns.
  • Achieved high engagement and sales uplift.
• Tiffany:
  • Used pop-up stores for limited edition gifting occasions.
  • Generated high engagement and quick sales.
• Cartier:
  • Launched an interactive campaign with a virtual gesture.
  • Achieved CTR 6x industry average and 3x historical average.
• Louis Vuitton:
  • Utilized the WeChat ecosystem for O2O events.
  • Created a multi-step journey from LBS targeting to offline store experience.
• Vacheron Constantin:
  • Shortened the journey from interest to purchase using a digital-to-offline strategy.
  • Achieved high interaction and engagement rates.
  • Launched 10+ limited-edition watches, all sold by new buyers within 3 days.

Challenges in Omnichannel Marketing

• Lack of Differentiated Roles per touchpoint.
• Inconsistent brand image across digital and physical channels.
• Isolation of online and offline touchpoints.
• Need for precise targeting and content distribution to avoid diminishing returns.
• Fragmented content and team responsibilities lead to inconsistent quality and brand messaging.

Conclusion

The Chinese true-luxury market is highly digitalized, with young consumers driving growth and social media playing a central role in the purchase journey. Brands must adapt to personalized and immersive digital experiences, integrate data across channels, and leverage KOLs and interactive content to effectively engage and convert consumers. The ROPO model is dominant, and the WeChat ecosystem is a key enabler of digital transformation in luxury marketing.