Secoo Publishes 2017 China Online Luxury Consumption Report On Millennial Luxury Consumer Market Trends

Mon Dec 11, 2017 - 1:30pm GMT+0000

Today’s younger generation in China tends to choose online channels when it comes to shopping, even for luxury brands with relatively high prices. Reflecting the rapid development of Chinese e-commerce, an increasing number of luxury brands have started embracing online

Beijing, China – December 11, 2017

Some 91% of luxury brands in China had launched online sales by June 2016, more than double the 43% selling online 12 months earlier in 2015, according to the ‘Luxury China’ report released by L2, a Chinese digital marketing company, this year.

According to the additional 2017 Chinese Luxury E-Commerce Whitebook report from Secoo, Asia’s largest high-end e-commerce platform, and Tencent, the largest data company in China, Chinese millennials and Generation Z are set to become the dominant driver of luxury consumption over the next decade.

The average age of the online shopper of luxury in China is now 25, 15 years younger than the average age of European luxury consumers, and 20 years younger than those in the US. These young consumers are stepping up their buying of minority brands – as opposed to famous and high-profile logos – as they seek more personalized and less mainstream experiences. For example, as streetwear trend has gradually become more mainstream this has led to more young people embracing and becoming fans of brands, such as Supreme and Vetements.

This finding was echoed by Deloitte in one of its recent global luxury consumption surveys about millennium-generation consumers: “The consumers are no longer too loyal to one specific brand. They want luxury brands which speak for themselves. They are more willing to pay attention to trendy brands with stories.”

Chinese luxury e-tail giants have recognized this trend too. Recently, Secoo announced partnerships with a number of popular and niche brands, including Mr&Mrs Italy, Corto Moltedo and Maison Kistune.

Mr&Mrs Italy has gained the most attention from Chinese consumers for its Parkas, which combine the toughness and style of its iconic coats, with the softness of luxury furs. They are both fashionable and warm.

Moreover, popular South Korean TV series, such as My Love From The Star, have given Mr&Mrs Italy a higher-profile and stand-out brand positioning, making it one of young Asian people’s favorite brands.

Corto Moltedo, a luxury brand founded in 2004, is famous for its unique, entirely handmade bags. Its designer and founder, Corto Moltedo, is the son of Vittorio and Laura Moltedo, founders of Bottega Veneta.

After Bottega Veneta was acquired by Kering, Corto Moltedo has inherited and seemingly embraced the craftsmanship of BV. Its unique design and exquisite workmanship has been widely recognized in the industry.

Mr&Mrs Italy and Corto Moltedo have signed exclusive cooperation agreements with Secoo and the products of all their collections are sold simultaneously across the world at the same prices.

The fact that niche brands like Mr&Mrs Italy and Corto Moltedo sell on the same e-commerce platform together with traditional luxury brands, such as Armani and Versace, demonstrates a trend of diversified luxury consumption. Under some circumstances, minority brands would appear to have slightly more advantages as they typically have more recent and interesting stories associated with them.

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Name: Tingting Wang
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Organization: SECOO Group
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