After 90, Become The Main Force Of Luxury Consumption?

China's luxury consumer market is growing strongly. After 90, it has become the main force of luxury consumption, and has also become a new luxury consumption engine. In order to compete for young people, luxury brands have been playing the fans' economic ideas, and have turned their heads to traffic stars. So is the combination of luxury brands and traffic stars a flash in the pan or a trend?

Recently, BCG (Boston consulting company) and Tencent released the "2018 China luxury digital consumer market insight" report shows that last year, China's luxury consumer market is still growing strongly, and its growth rate remains at 6%. The annual market sales exceeded 110 billion euros, accounting for 33% of the global market. Among them, Chinese luxury consumers under 30 contribute 42% of their consumption. More than 70% of young people under 30 are susceptible to different types of KOL (opinion leaders).

Miss Li, a post-90s white collar, said in an interview with the China Commercial Daily reporter that in the digital age, her clothing, food and shelter are closely related to her favorite stars. When shopping, she doesn't know which brands to choose. She goes to see her favorite celebrity endorsement brand. When she goes out to travel and doesn't know which hotel to live in, she goes to see KOL's recommendation.

It can be said that in the era of traffic realisation, the development of fans economy has been spawned. For the brand, idol has an obvious sale transformation. According to a survey, more than 70% fans bought specific products because of idol recommendation or endorsement; 10.9% of fans spend more than 3000 yuan on Idol every year.

In recent years, with the promotion of consumption upgrading and the growth of new generation of consumers, fans can adopt more expensive ways to support idols, including buying their / their endorsement brands. For luxury brands, it is the simplest way to promote sales and enhance popularity by inviting traffic star endorsements, because most young Chinese consumers are just reaching the luxury market.

It is undeniable that the once luxurious and luxurious luxury brand has learned to follow the trend in order to cater for the aesthetic and taste of the younger generation. Recently, Prada, which has always been "restrained" in choosing brand spokesmen, announced that its first brand spokesperson from China was born in 1998, Cai Xukun, a traffic star. This seemingly unexpected choice is actually a rational business decision of a brand in the era of traffic stars.

The Chinese Commercial Daily reporter visited several stores in Beijing, Prada recently, and found that there were always large queues and long queues at the front of the shop. Liu, a post-90s college student, told reporters that Prada used to be old-fashioned. Ever since Cai Xukun endorsed it, the brand has become more fashionable and younger.

Reporters interviewed randomly a number of 90, found that most of them because Cai Xukun endorsed Prada, so to shop to buy his "take goods" products.

JacquesRoizen, executive vice president of Cai Xukun, a luxury e-business operator, said choosing Prada as spokesperson and holding a fashion show in Shanghai is a smart decision for the company, which will help improve its topic. Coincidentally, the GartnerL2 report recently pointed out that Louis Weedon (Louis Vuitton) ranks first in the list of China's luxury brands Top10. Louis Weedon's choice of Wu Yifan as brand spokesperson is the key factor to enhance its market share and influence in China. It is worth mentioning that in October last year, Burberry announced that Wu Yifan would be the global spokesperson in the second quarter. At the same time, it also launched the Wu Yifan election series, which is regarded as the main driving force to help its growth. It is undeniable that fans' economy is also the entrance of traffic. For example, when Boboli was the spokesperson of Guan Xuan Wu Yifan, the micro-blog was forwarded more than 250 thousand times by fans, and the data were obviously higher than micro-blog released by ordinary people.

In the industry's view, Chinese consumers are becoming an important driving force in the global luxury market. This also forces luxury brands to use Chinese spokesmen outside China. No matter how many people there know them, the more important part of the brand is how to establish contacts with Chinese consumers in the market outside China.

But everything has two sides. It is undeniable that the consumption group of luxury goods is still a minority. Therefore, if we want to get through the flow of celebrity endorsements to open up the original consumer barriers, brands will also be able to withstand the sales disputes caused by individual disputes of traffic stars.

At the same time, although sales of luxury brands are indeed driven by traffic stars, the performance is likely to be short-lived.

Insiders pointed out that in the long run, traffic stars are similar to large e-commerce platforms, and are just a traffic entry rather than a big trend. After all, luxury is a label of self-identity and social stratification, rather than an aid from a fan group. The real challenge faced by luxury brands is how to create a deeper emotional connection between consumers and brands.