Amidst the current tension in Hong Kong lies the insatiable thirst for luxury and style by the Chinese populace – something that Vogue China Editor-in-Chief Angelica Cheung says foreign luxury brands still do not understand.
Yes, before the Chinese only knew Gucci and Louis Vuitton bags, but now they know 20 brands – and that’s just about bags – so there must be some exposure, of course, especially from the internet. And why not, their fashionistas are in their 20s, so most of them are in blogs or forums.
Then, why insist on a formula that is only applicable in their own countries or elsewhere? What happened to marketing studies, to flexibility? Hello?!??
In marketing, it’s no secret that you got to understand your market. But how can you understand your market, if you are stiff with your preconceived ideas?
In luxury, one needs money to satisfy desires. One needs to be updated with the trends. And being basically “single” with no real responsibility but helping out parents would give one the flexibility in realizing those cravings. Not to say that “attached” people couldn’t but then..
If you can’t penetrate the “singles” in China then to a certain extent, you’d have lesser success with the “attached” unless you get more creative. Mind you, the economy is slowing a bit and where corruption and gift-giving is now being closely monitored.
This means, if only fashion houses could put in more budget to strategic advertising.. and to R&D. And especially take note of the area’s culture, on how far could they take what you are giving them; on how fast fashion changes changes in China – only then would you have a chance.
What’s your take?