link.png Gearing up for a luxury Lunar New Year.← Back


Image source - Pixabay

 
In the lead up to the Chinese New Year which will take place on the 19th February this year, we see luxury brands make extra efforts to appeal to Chinese customers across the globe.

An article written by Adam Jourdan for Reuters highlights today how luxury brands are preparing themselves for the upcoming celebrations that traditionally prompt additional. From the travel to fashion, luxury brands are creating products and experiences specifically for the annual celebrations spending when Chinese shoppers buy gifts. Amongst the numerous luxury labels taking part, Burberry has created a capsule collection specifically for the Lunar New Year. Jewellery label Chopard has created a watch, the L.U.C. Urushi, to mark the beginning of the Year of the Goat. Meanwhile designer outlet group McArthurGlen is engaging with Chinese customers via social media channels popular in China (WeChat and Sina Weibo) as well as launching promotions for the annual festival.
 
 
Previous studies have found that a large proportion of luxury shoppers are Asian. According to management consulting firm Bain & Company’s annual Global Luxury Study for 2014, Chinese spend three times as much as they do abroad as they do at home. Tax Free Shopping firm Global Blue found that revenue from Chinese shoppers was up by 20% in the UK in December 2014, compared to the previous year. In the light of these figures luxury brands are realizing the importance of targeting Chinese travelling abroad, and not just on a local level. In fact 2014 saw luxury sales in Mainland China decline compared to the previous year, in part as a result of high import taxes. Chinese tourists’ spending therefore accounts for a large portion of luxury brands’ revenue and is likely to prompt an additional surge in February.  

Get ready to celebrate this February: the Lunar New Year will see luxury firms worldwide - from travel to retail - celebrate the start of the Year of the Snake.