As the second largest country for overseas luxury purchases, China's luxury market is gradually undergoing transformation. According to a survey conducted by a world-renowned brand research institution in September 2008, the total domestic luxury consumption has reached $8.6 billion, accounting for one quarter of the global market, and it reached $12 billion in 2010. China's luxury consumption is growing at an annual rate of about 25%. In this global financial crisis, China is the only country with positive growth in the luxury market.
Notably, with the improvement of education levels and the popularization of the Internet, Chinese consumers are gradually becoming mainly composed of the rich second generation and senior white-collar workers, and sales in first-tier cities are steadily increasing. With these people's lifestyles as a radiation, online shopping has become an emerging purchasing channel.
After all, it is a large amount of consumption. Is there any risk in online shopping? In fact, in terms of online shopping for large-scale consumption, it has already become relatively standardized domestically. Online shopping for large appliances, photography equipment, or mobile phones, mp3 players, etc., has no longer been an obstacle for large-scale online shopping consumption. Of course, choosing professional online stores is also a great guarantee.
Safety of online shopping
Since most domestic online shopping users have been cultivated on websites such as Taobao, Internet users' understanding and concept of online shopping basically still remains at the level of price advantage. However, in China, luxury goods are still dominated by major brands such as Gucci, LV, Prada, etc., and these brands rarely offer discounts domestically, which highlights the absolute advantage of online shopping. On this basis, although luxury online shopping is currently still a niche consumption, based on the successful experience of foreign luxury online shopping websites, brands that have started engaging in premium luxury online shopping domestically have gained significant development.
The development of the luxury industry in China will be quite rapid, and it is just a matter of time before China becomes the largest market. In such an environment, bringing updated, more diverse, and more price-advantaged business models to consumers, such as online shopping, will also be the next rapidly developing business model, and consumers will inevitably benefit from the competition.
Online Shopping and Luxury Goods
Because most domestic online shopping users were cultivated on platforms like Taobao, internet users' understanding and concept of online shopping generally remain at the level of cheaper prices. As for luxury goods in China, they are still dominated by big brands like Gucci, LV, Prada, etc., and these brands rarely offer discounts domestically, highlighting the absolute advantage of online shopping. Based on this, although luxury online shopping is currently still a niche consumption, drawing on the successful experiences of foreign luxury online shopping websites, domestic brands engaged in high-end luxury online shopping have developed significantly.