Luxury During the Epidemic: The Rise of the Chinese Market

DOI

10.2991/assehr.k.211209.281How to use a DOI?

Keywords

luxury market; China; pandemic; COVID-19

Abstract

The sudden outbreak of the epidemic has caused a huge economic blow to the world, as various industries have stalled without any preparation. The same goes for the luxury industry, which has suffered a significant loss from stagnant tourism, retails, and marketing activities. Hence, by analyzing the sales situation and marketing strategies of the luxury market from 2010 to 2020, this research mainly discusses the consumption trend of the luxury market after the epidemic from two aspects. On the one hand, luxury brands still need to wait for a long time to recover overseas markets, and re-measure their real consumption value after the epidemic. On the other hand, the Chinese luxury market is experiencing a consumption revolution brought by the pandemic, which may exert a lasting impact on the consumption habits of Chinese consumers in the long term. This study found that the Chinese luxury market has effectively promoted the return of consumption through the duty-free store policy to enlarge the domestic market size. To attract Generation Z and returning middle-class customers who have great consuming potential in the Chinese luxury market, luxury brands need to create a multi-channel sales approach and carry out diversified, localized, and digital marketing strategies to achieve sustainable development.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Zongyu Li
PY  - 2021
DA  - 2021/12/15
TI  - Luxury During the Epidemic: The Rise of the Chinese Market
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 1744
EP  - 1748
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.281
DO  - 10.2991/assehr.k.211209.281
ID  - Li2021
ER  -