This article looks at the growing influence Asia is having on the luxury sector. In particular it focuses on the watch industry in China following the country’s rapid bounce back from Covid. At least, domestically. Why the focus on luxury? If you follow us you will know the under, if not, read [lay] on Macduff, and damned be him who first cries ‘Hold! enough! [apologies to William Shakespeare – Tragedy of Macbeth]
Shakespeare aside, we make no apologies for oft referencing luxury in Aim2D Media. The simple fact is that the middle class in China is still growing, luxury spending is still holding and as a general rule, wherever lux goeth, mainstream is not so very far behind.
If your niche or market is not luxury in Asia then it is the bit that is that is relevant to you. It means the trends and habits of buyers and marketing strategies of lux brands can be deployed across sectors and you should look at how this may either impact your brand or be incorporated in your marketing strategies.
You may also want to rethink your idea of luxury. You may not be dealing in Aston Martins, Cartier watches or Chanel perfume but if your brand is imported, subject to extra tax and is priced at a higher level than any local competition, then, maybe in the eyes of Asian consumers, it coud be seen as luxury.
Ok, now we have cleared that up, this article, from Bloomberg, looks at how the luxury watch market is being influenced as Asians become the predominant buyers. Bloomberg has a “sort of” pay wall, so many fee articles per month, if you have reached your limit, you may need to subscribe. Our head image is courtesy of Caixin.
Hello, I’m Everlyne Yu, founder and CEO of Uengager and WPBeijing Marketing Studio 2003.
I have a wealth of knowledge and experience in the China market and have been privileged to work with many international clients, such as VW and their release of their Bora and the extremely successful CC as well as a long term, ongoing relationship with Sodexo.
I am happy to chat and discuss any questions, no matter how small or trivial you may think. Probably someone has already asked the same question- many times!
In China Marketing- there is no such thing as a silly question.
To see how your brand can flourish in China, please talk to Everlyne now, or understand more about me.