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movement of China's Luxury Brands

growing segment of China's affluent consumers has been to attract luxury brands in the world since long. Gucci, LV, Zegna, and many other major brands used in the Chinese market in the nineties, began long before an income. And with good reason More than 300,000 Chinese now have a net worth of over U.S. $ 1 million. The millionaires on the continent the control of approximately $ 530000000000 U.S. in assets and more than 170 million Chinese can afford to buy top-level brands in February. In fact, it seems clear now that the Chinese luxury consumer market, which neither even exist just 20 years, is on track to dominate retail premium.

But what about national luxury brands?

China has a long history in the appreciation of luxury - for example, tea, jade and silk - and given the impressive growth of domestic consumption of luxury goods, local brands must be plenty of opportunities to grow.

Despite the thirst for luxury consumers in China, local brands of luxury very few have been so successful. In fact, several analysts have observed that when it comes to luxury consumers in China are more likely to purchase products made outside China 3.

Research Labbrand confirmed earlier estimates that consumers towards luxury goods is strongly influenced by the country of origin of the brand. In fact, a "foreign / Western "origin seems to be a fact for many categories of luxury goods.

However, it is true that in areas such as fashion clothing and accessories major foreign brands dominate in other industries, especially those with deep roots in the heritage and tradition of China, Chinese brands have a good chance to win.

In fact, in a recent survey by MasterCard, Chinese laborers were found in Hong Kong Chow Tai Fook prefer Cartier born Wu Liang Ye and Maotai more Spanish national, Germany 4 Australian and spirits.

In fact, the same survey revealed that Chinese high-end Classification of quality for consumers other considerations before a significant 92.7% of respondents cited quality as the first criterion in the purchase of luxury, much before recognition is doing a good 68.3%, or fashion designer brand, with 58.5% in May.

While up to two years, seemed marks Chinese had no opportunity to tap the luxury market and six in those circumstances, a window of opportunity appears to be available.

Therefore, The key questions now are:

1. What are national brands that are already perceived as a luxury high for domestic consumers?

2. What are the challenges and opportunities faced to win consumer preferences and outside the country?

Labbrand must investigate these issues. We interviewed some people, industry insiders and outside, who prepared the list of 10 most luxurious Chinese brands:

1. NO Tigre - established in 1992
2. Chow Tai Fook - base 1929
3. Kweichow Mao Tai - established in 1999
4. Omnialuo - established in 1998
5. Erdos Cashmere - began in 1979.
6. Wuliangye - founded in 1959
7. Changyu - founded in 1892
8. Yunnan Pu'er Tea - created in 1975 and privatized in 2004.
9. Dorian Ho - created in 2004.
10. Xiangyunsha Silk - established in 2003

We ask people what makes them feel the luxury brands were.

Brand Heritage

Interestingly, the attribute most often cited is the "Chinese heritage." In fact, many of these brands or draw are deeply rooted in Chinese culture.

- Kweichow Mao Tai, Wuliangye, Changyu, Yunnan Pu'er tea, Xiang Yun every child of silk are deeply rooted in the heritage of Chinese culture as it marks China's traditional products. Of In fact, no foreign company that could challenge these brands in the same position in the country. For traditional products such as "bai jiu alcohol tea, ginseng and silk, handmade, no other country has the same resources that China does. Yunnan Pu'er Tea Take, for example, in 2005 at the age Pu'er tea 500g-64 sold at auction for one million yuan, which is six times more expensive than gold 7.

Young fashion brand

- NO Tigre Omnialuo and Dorian Ho are all relatively young brand, and all are competing in an area where Chinese brands are relatively small: luxury fashion. Its strength, however, has its roots in the fact that the source, though differently, the Chinese culture through the combination of techniques Chinese traditional western style with boats and the quality of manufacturing.

However, when it comes to buyer preferences, however, none able to compete on an equal footing with foreign luxury fashion. None of them enjoy the same brand awareness of Europe, the largest luxury brands - even if two involved in high fashion in China and abroad - and generally are not considered luxury and foreign firms. In general, the reasons often given for this design are:

* There is a situation of "doing" as foreign fashion brands
* Consumers do not trust the quality standard to be in the same level of
Foreign brands

quality experts

- Chow Tai Fook and Erdos Cashmere other hand, are trademarks of various kinds. Your brand is based on its ability to find products with good quality and value orientation, the ability that has helped to be known and appreciated in the country.

For example, Chow Tai Fook is one of the largest luxury jewelry brand in China. Founded in 1929 in Canton, and then acquired by the contractor in Hong Kong, Chen Yu Tung in 1956, combines luxury with fashion and High Quality products to attract customers to mature in higher income groups in August.

Chow Tai Fook illustrates the value that the word of mouth in Chinese culture. The company has built its brand through reputation and word of mouth than any formal business plan. They managed to win consumer preferences due to its long history and a good capacity (Chow Tai Fook has been the first brand of gold jewelry 999.9 ornaments with gold, which has become an industry standard today).

Chinese luxury building

What are the challenges and what are the opportunities for luxury brands in China are faced to earn the home consumer preferences?

By one hand, it seems that Chinese consumers highly esteemed national brands if the rules of their state and quality are also taken into account. Chinese cultural elements and skills seem to be the main traditional features of leading national brands in luxury. In fact, for these categories of products in which China has developed historically a long tradition, Chinese brands seem to be unique.

First, we believe that Chinese brands can reap success of its assets in order to build a strong customer base and possibly brand awareness.

Although there are still some obstacles to the development of Chinese luxury brand:

1. The lack of marketing knowledge and skills

Among the top ten, only a few brands to constantly invest in the image. Many of them rely solely on their own stock to attract consumers and are not really invest in a business communication. Brands such as silk or Yunnan Pu'er tea Xiangyunsha even a well-designed website or properly protect their trademarks.

1. The label "Made in China

The Chinese consumers are not easy to see the brands as a luxury China and Chinese brands are often associated with low quality. In addition to the categories product in China is traditionally strong Respondents to the survey clearly shows that Labbrand:

* The concept of luxury is strongly issue associated with brand awareness. The more you know the brand, the best support and demonstrate the status of the buyer.
* Consider that luxury brands seem to be generally higher for brands that are not labeled as "Made in China."
* Brand is an indicator of the quality and design. Luxury foreign brands of fashion not only to ensure the exclusivity of the design but also unique and safety products.

The creation of strong brands is a difficult task. The production of major luxury brands in a market that is affected by a host of products false, low price is even more complicated.

There is still a long way to go for Chinese luxury competition on the world stage with established brands.

However, given the rapid pace of development in the luxury market and changing consumer purchasing behavior of Chinese, Chinese companies now have the tools to understand how to position your brand identity and how to build luxury to meet the needs of buyers of luxury.

1. October 2007, Cafolla L., "The luxury in China", a magazine more
2. December 2006 Issue, Schwarz B. AND V. Wong, "Money Talks" Insight
3. The preferred brands of the 10 richest Chinese are all made in Europe or the U.S. Hurun Report for 2007 The best of the best brands survey preferred the richer http://www.hurun.net/bestofbest2006en.aspx China
CFR also:
- Note 2
- 2008, N. Debnam, G. Svinos "luxury consumption in China: Moving Up" KPMG
- 2006 R. Chadha, the husband P "The cult of the luxury brand: Inside Asia's love affair with luxury"
4. 2008-02-21, MasterCard Worldwide, was quoted by Chen Shu-Ching Jean "Consumers in China for high-end quality status," the investigations http://www.forbes.com/markets/2008/02/21/china-luxury cx_jc_0221markets02.html capital markets
5. MasterCard Worldwide, was quoted by Shu-Ching Jean Chen in "Consumers in China's high-end state Quality Research "02/21/2008 http://www.forbes.com/markets/2008/02/21/china-luxury-survey- cx_jc_0221markets02.html capital markets
6. 2006 Martin Rouleau strategy Asian brand, how Asia builds brands
7. http://www.telegraph.co.uk/news/worldnews/1555518/Tea-in-China-costs-six-times-as-much-as-gold.html
8. Brilliant Legacy - China ". HKTDC. July 10, 2008.

About the Author

Vladimir Djurovic is the founder and Managing Director of Labbrand, a Shanghai based innovative brand agency specialized in brand research, strategic and creative services. Labbrand website at: http://labbrand.com/ is also the portal to Labbrand branding blog: http://labbrand.com/english/news_and_articles.php/
and reviews of branding related hot topics, with a special focus on China.

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