21评论丨消费者偏好正发生结构性转变

Core Insights - The global luxury goods giants are facing challenges from the Chinese market as consumer preferences shift from international brands to local high-end brands [1][2] - This structural change in consumer behavior is reshaping the competitive landscape of the world's largest luxury market, with local brands experiencing significant sales growth [1][2] Group 1: Market Trends - Chinese consumers are increasingly favoring domestic high-end brands, leading to a decline in sales for traditional international brands like Gucci and Louis Vuitton [1] - In the first three quarters of 2023, local brands such as Laopuhuangjin, Songmont, and ICICLE have seen substantial sales increases, contrasting with the declining performance of major foreign competitors [1] - Over the past two years, the sales growth of five domestic brands has outpaced that of seven major international rivals across various luxury sectors [1] Group 2: Consumer Behavior - The shift in consumer preferences is driven by a systemic upgrade in consumer values, moving from external displays of wealth to internal satisfaction and self-expression [1][2] - National pride and cultural connection are influencing consumer choices, with a growing acceptance of high-priced domestic luxury products [2] - Younger consumers are increasingly valuing product innovation and quality over brand prestige, reflecting a global trend towards more accessible and meaningful luxury [3] Group 3: Brand Development - Local companies are enhancing their high-quality supply capabilities, focusing on craftsmanship and cultural elements to create unique brand identities [2] - Brands like Laopuhuangjin and Songmont are integrating traditional craftsmanship with modern design to build a compelling brand narrative [2] - The Chinese luxury market is evolving into a diverse ecosystem driven by cultural confidence, with local brands poised to compete on the global stage [3]