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Here are our key takings from Affluential last months presentation on China's richest.

· Insights

Early last month, Affluential shared with the audience at the French Chamber of Commerce their insights on how the interests of the wealthiest individuals in China and Asia have been evolving over the last twelve months.

Here are our key insights from that presentation.

Who are the richest ?

China is unique in the fact that 50% of its millionaires are under 34 years old. Half of them are holding management positions in the public sector, or in private corporations.

In this big country, their purchase interests is different based on where they live. Millionaires in Tier 1 cities are first looking for experience such as traveling and entertainment before purchasing luxury goods. Tier 2 and 3 inhabitants, will still be planning to buy from luxury stores.

All through China, they reported that they forecast their expenses to increase in the coming years, which is good news for retailers.

A shift in interests

Through surveying millionaires over the years, a transition appeared in their center of interests. Individuals who used to name brands as their aspirations are now interested in topics such as innovation, environmental responsibility and quality of craftsmanship, which are not only values attracting them to the most well-known brands, but also showing a crave for more confidential retailers.

More surprisingly, the survey also revealed more attraction towards jewelry and cosmetics than designer garments and bags as it used to be.

Online opportunities

Although visiting stores is still the way to make a purchase decision in 23% of the situations, and only 15% of purchases are made on e-commerce website, the influence of the online world is growing. The key factor is that there is a sentiment of convenience associated with ordering online, with the assurance of still getting the same VIP experience as they would in stores. Online celebrities are also getting more and more impactful, for example Donald Trump is one of the most important luxury promoter !

Now is the time when brands must act on these changes, by rethinking their overall marketing strategies and customer journey, to ensure that the client is the one choosing what he/she is looking for in a brand.

Register now to our free Retail lab workshop to discover how to make the first steps towards giving options and convenience to your customers.

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