Luxury Market in China Still Strong
Understanding the customer is important design process for any company. In thinking about the target customer for my Aston Martin x Lanvin project, it's quite easy to focus on the Chinese market. Obviously, to afford an Aston Martin, one must be quite wealthy, but there are wealthy people all over the world. China has had a rising luxury market and it is still going strong. These are the successful entrepreneurs the likes of QQ, corrupt politicians and their children, celebrities...
Here's an article documenting findings of Bain & Company’s China Luxury Market Study for 2010. In 2009, Chinese spent US$10.2 billion in luxury goods last year,not including that spent outside the country. They estimate sales will increase by 23% in 2010.
An interesting article by Fast Company, Selling to China's Luxury Market 101, breaks down luxury buyers into 4 types. I would say my client profiles would be LUXURY INTELLECTUALS, with a hint of LUXURY LOVERS (more on the women's side).
In her interview with LUXURYCULTURE.com, she expressed how many wealthy Chinese who are already familiar with western brands are now seeking pieces that reflect their heritage.