This month saw the release of leading WeChat marketing agency Walkthechat?s China Luxury Report, aggregating data from sources including McKinsey?s The Age of Digital Darwinism, L2?s China Beauty Report, Deloitte/Secoo?s China Luxury E-Commerce White Book, and Bain?s China Luxury Report.
The report amassed a number of findings pivotal to the growth of luxury industries in China, the most fundamental of which is that Chinese customers already make up 32 percent of the global luxury market, and that number is predicted to rise to 44 percent by 2025.
The process of synthesizing data across reports, however, brings challenges. As brands look to data for guidance in the Chinese market, aggregating reports raises the question of whether companies are defining luxury in the same way A key example of this is Walkthechat?s report stating that according to Secoo, wine accounts for 76 percent of China?s luxury market, with apparel and footwear next in line at seven percent. Mckinsey, L2, and Bain do not consider the alcohol industry in their reports, and Deloitte excludes wine from its luxury study.
Walkthechat?s co-founder Thomas Graziani spoke to Jing Daily about what they learned by synthesizing disparate data sources.
What are the benefits of bringing all of this information together"
Aggregating many reports is a great way to provide users with an exceptional amount of value in a short read. Each industry report usually contains a few insights with a lot of discussion aro...