Nielsen’s survey shows Chinese millennials buy luxury products as they desire a better quality of life. The terms they use to describe better quality are “appearance”, “fitness”, “convenience” and “digital connectivity”.
With a 97 per cent smartphone penetration rate among the generation, unlike the West, many pay their daily bills and luxury consumptions on third party platforms WeChat Wallet or Alipay.
Boston Consulting Group’s survey of Chinese millennials shows they choose brands based on how much it fits their identity and personality. What they wear is an expression of the self, be it mild or rebellious.
According to Deloitte, quality and uniqueness are the most important factors in drawing millennial consumers to luxury products. Heritage and aspirational qualities are less important.