Report Groups Chinese Luxury Consumers Into Four Distinct Classes
PSFK reported earlier this week on German consultancy Trendsbüro‘s new report on the luxury market in China. The site notes that China is projected to become the world’s biggest luxury market as early as 2015, owing to its rapidly-growing middle class and rising consumption rates among younger consumers — who we have profiled before. The Trendsbüro report, PSFK points out, “breaks down Chinese luxury consumers into four types – Noveau Rich, Understaters, Connoisseurs and Spirituals – based on social background, luxury experience and income level.” This is unique among luxury profiles of Chinese consumers, which typically are more quantitative. The Hurun report, as we noted, focused more on statistics rather than more specific buying habits, but the Trendsbüro report appears to be more exhaustive in its findings.
Trendsbüro produced an excellent video, which further illustrates how the Chinese luxury market is shaping up. Although, with China’s vast population, luxury buying trends will differ based on gender, age, education, taste and geography — and buying habits will be quite different in cosmopolitan first-tier cities like Shanghai and emerging third-tier cities like Changsha — this video gives a good introduction for anyone who is interested in China’s luxury potential: