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1、Chinas luxury market in 2024:VICs,omnichannel&CRM strategies 2024 Daxue ConsultingALL RIGHTS RESERVEDChinas luxury market revival1.03About VO25.42Into the co-branding hype2.13Luxury goes omnichannel3.22About Daxue Consulting6.49CONTENT OUTLINECrafting experiences through CRM4.282Chinas luxury market

2、 revival 2024 Daxue ConsultingALL RIGHTS RESERVEDChinas luxury market seeks steady recovery amidst challengesThe economic challenges in 2022 led to over half of Chinese consumers wanting to save more in 2023.Despite this,Chinas luxurymarket rebounded in 2023,as the market is driven by core luxury co

3、nsumers who are less financially impacted by a slowing GDP.Source:Peoples Bank of China Consumers born in the 90s accounted for 61%of total luxuryshoppers in 2022.Youth unemployment has hit a record high during 2023H1,peakingat 21.3%in June.Rising uncertainty triggered by both domestic and internati

4、onalfactors is inducing consumers to save money,leading to fewer first-time luxury consumers.24.5%of surveyed people are willing to consume more58%of respondents are planning to save more17.5%of surveyees are keen to invest more-0.4%YoY+0.3%YoY+0.7%YoYQ2 2023 urban depositor survey report(N=20,000)4

5、Source:TMIxBCG(2022),National Bureau of Statistics Despite a slight dip in consumer confidence,luxury spending by Chinese consumers experienced a growth of 12%year-on-year(yoy),reaching RMB 449 billion in 2023.Source:BainxAltagamma(2024),EastMoneyThis rebound is primarily driven by core luxury shopp

6、ers,who exhibit less elastic demand and are expected to contribute significantly to the expansion of the luxury market.240341473401449124.6120.2121.295.088.2-170300100200300400500600201920202021202220232019-2023 size of the personal luxury market in China and consumer confidence indexMarket size in