Luxury brands should forget the doomsayers in the wake of China’s clampdown on gift-giving: the Chinese will still dominate the luxury sector in the future.
That’s the view of luxury expert, Erwan Rambourg, who after working eight years in the sector and another 10 years researching it, believes doubts on Chinese luxury consumption are ill-founded. He argues in a new book The Bling Dynasty that Chinese demand is at a tipping point – they will continue to fuel domestic demand and – more importantly – elsewhere, as Chinese outbound travel soars.
“While many in the media have depicted Chinese luxury consumption quite negatively and some luxury executives argue that luxury consumption is going global, I have a very different view,” Rambourg says.
“The slowdown in Chinese consumption in 2012-2014 has made observers nervous and many have argued that the future Chinese consumers for luxury are the Brazilians, Indonesians, Nigerians, Russians and more. I believe the future is Chinese … China nationals should be accounting for at least half of the sector’s sales in 10 year’s time.”
The Bling Dynasty explores the habits and preferences of the Chinese luxury brand consumer, through interviews with brand managers, retailers, headhunters and consumers. It provides firsthand insights into the future Chinese consumption of luxury goods and offers a unique perspective from a marketing and retail standpoint. Covering complex aspects of luxury consumption, with illustrations and real-world examples that support the research, the book addresses issues facing the luxury executives and exposes the opportunities and threats of a sector that is soon to be dominated by the Chinese consumer.
The Bling Dynasty: Why the Reign of Chinese Luxury Shoppers Has Only Just Begun can be purchased directly from the publisher by ordering online at www.wiley.com/go/theblingdynasty. The book is also being distributed to major bookstores in Singapore, as well as major online retailers.