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12KeyoutputsSamplesizeTencentxBCGluxuryconsumergroupinsightstudyTencentAMSplatformTencentplatformusers’surveyresponsesChineseconsumersinterestedinluxurygoods~1,500consumers(true-luxurybuyersinpast12months)True-luxuryconsumergroupprofileanddigitalbehaviorLuxurytouchpointsandpurchasepathway;categorydifferencesInsightsourceTencentinsightConsumersurvey3Copyright©2019byBostonConsultingGroup.Allrightsreserved.Backup:Thisreportfocusesonthetrue-luxurycategorieslistedbelow,andexcludesaccessibleluxury,fragrancesandcosmeticsPersonalluxurygoodsCategorySub-categoryThresholdprice1.Handbags1Handbags1,000€each2.Shoes2Shoes350€each3.Accessories3.1Sunglasses180€each3.2Scarves/smallleathergoods180€each4.Readytowear4.1Outerwear/coats1,400€each4.2Dresses1,200€each4.3Suits1,600€each4.4Sweaters/knitwear400€each4.5Shirts/Topwear200€each4.6Jeans/pants/skirts250€each5.Watches5Watches2,000€each6.Jewelry6Jewelry1,200€each4Copyright©2019byBostonConsultingGroup.Allrightsreserved.Contents01.InsightsintoChina’strue-luxuryconsumer02.Technologyecosystemsre-shapingluxurymarketinginChina03.Newcapabilities,newbeginning5Copyright©2019byBostonConsultingGroup.Allrightsreserved.In2018China’sluxurymarketexceeded€110B,33%oftheglobalmarket,andisgrowingat6%Note:Includingpurchasesabroad;Includingleatheraccessories,apparel,watchesandjewelry,fragrancesandcosmeticsSource:BCGLuxuryMarketModelChinesepersonalluxurymarketmaintains5-6%growthCAGRTrueluxuryAccessibleluxury69%73%27%28%9828%73%201572%2016201728%72%201832%2025F95105111157-164+4%+5-6%€B,retailvalue222241334164(41%)111(33%)Restofworld20182025FChina40574%ofglobalgrowthChinawillcontribute41%ofgloballuxuryconsumptionby2025€B,retailvalue6Copyright©2019byBostonConsultingGroup.Allrightsreserved.Amongtrue-luxurygoods,ready-to-wear,watches&jewelryandhandbagseachcontribute€6-7Bninretailsales1.Percentageofthosewhohavepurchasedthecategoryinthepast12months;2.trueluxuryonly,excludingperfumesandcosmeticsSource:BCGXTencentLuxuryStudy,2019Purchasepenetrationamongluxuryconsumers1（%）426150445424%Shoes6Ready-to-wear23%Total2Watches&jewelry15%22%HandbagsAccessories16%100%7644272018China’strue-luxurymarketsize–bycategory(€B)7SummaryofinsightsLuxuryconsumerscontinuetobeyoung,48%ofthemareagedbelow30andcontribute42%ofluxurysalesGeographically,majorityoftrue-luxuryconsumersarefromTop50cities(tier2orabove)whocontribute73%ofsales;therest27%arewidelydispersedinover2,000lowertiercitiesChinesetrue-luxuryconsumerscanbeclassifiedinto9segments.Absoluteluxurer,MegacitierandRichUpstarterrepresentthe3largestsegments;collectivelytheycontribute46%ofsalesThepathtopurchasehappensdigitally.Onaverage,60%ofthe4-5touchpointsbeforefinalpurchaseareonline;forhandbags,thenumberofdigitaltouchpointsforhandbagsisashighas6-7Socialmediainfluenceremainsstrong:50%ofconsumersareinfluencedviatheWeChatecosystem;Chineseconsumerspreferahighlycurated,personalizedsocialexperienceKOLisakeyinfluenceonconsumersagedbelow30;KOLsarebecomingmorediverseintheironlinepersonalitiesandtheircontents&themesincreasinglyfragmentedChineseconsumersprefermoreinnovativemediasuchasidolscreatedbyecosystemandimmersivevirtualcharacters(e.g.frommobilegaming)Overall80%ofluxurypurchasejourneysareROPO,20%higherthantheglobalaverageHalfofluxuryconsumersexpectimprovementofdigitalexperienceatofflinestores，i.e.smartfitting,VR/ARexperienceandsmartinteractivescreensOnlineaccountsfor12%ofpurchases:BrandE-com(e.g.MiniPrograms)isontherise,already33%oftotalonline123456789108Copyright©2019byBostonConsultingGroup.Allrightsreserved.Luxuryconsumerscontinuetobeyoung,48%ofthemareagedbelow30andcontribute42%ofluxurysales1Source:BCGXTencentLuxuryStudy,201918-2531-3526-3040+18%14%30%30%9%%oftrue-luxuryconsumers12%16%32%30%10%Luxuryretailsalescontribution%813121114Averagetrue-luxuryspendperluxuryconsumer(€,K)Consumersineachagegroup36-409Copyright©2019byBostonConsultingGroup.Allrightsreserved.HighpenetrationofyoungconsumersinRTW,accessoriesandshoes;olderconsumerscoreforhandbagsandwatches&jewelry11.Percentageofthosewhopurchasedthecategoryinthepast12monthsSource:BCGXTencentLuxuryStudy,20192018averagespendandpurchasepenetration—bycategoryandbyage4.05.75.97.39.74.04.44.54.75.531-3518-2526-3036-4040+2.72.93.74.24.44.56.36.26.05.65.05.03.32.82.85757666459Penetration12945523949Penetration3044494332Penetration5653545358Penetration5149515343PenetrationHandbagsReady-to-wearShoesWatches&jewelryAccessoriesAnnualavg.spend(€,K)10Copyright©2019byBostonConsultingGroup.Allrightsreserved.12018true-luxurymarketsizebycategoryandage(€,B)Source:BCGXTencentLuxuryStudy,20190.8(13%)1.0(15%)0.5(9%)1.0(25%)6.026-300.9(14%)2.0(33%)0.7(18%)0.5(8%)2.2(37%)2.1(32%)Watches&jewelry0.5(8%)1.8(31%)2.0(33%)0.6(14%)2.0(30%)1.0(17%)1.0(24%)0.6(11%)0.8(18%)Handbags31-35Ready-to-wear0.4(10%)6.00.9(20%)0.6(14%)Accessories1.3(33%)0.7(10%)6.6Shoes18-2536-4040+4.44.11.1(24%)26-35y.o.thecorecustomersofwatches&jewelryandhandbags,consumptionforothercategoriesareevenlydistributedamongagegroups11Copyright©2019byBostonConsultingGroup.Allrightsreser