(The 4th CIIE) Depth｜Why did the three “big names” in the world’s high-end consumer market collectively choose to “see the East”?

　　China News Service, Shanghai, November 7th. Title: Depth | Why did the three "big names" in the world's high-end consumer market collectively choose to "see the East"?

　　China News Agency reporter Li Jiajia

　　At the 4th China International Import Expo, the three major luxury goods groups of LVMH, Kering and Richemont gathered at the fair for the first time. Why did the three "big names" in the world's high-end consumer market collectively choose to "see the East" this time?

　　In the consumer goods exhibition area of ​​the China International Import Expo, three major luxury goods groups live next to each other.

　　LVMH LVMH debuted at the CIIE for the first time in 2019 as a group; this year, it set up a 600-square-meter pavilion with the theme of sustainable development, bringing its 15 brands to the show.

Wu Yue, president of LVMH Group China, said that at the moment, we can feel that China is leading the recovery of the world economy, and "we are deeply benefited."

　　On the other hand, Richemont Group brought its 10 brands to debut again, of which Ala?a was the first to appear at the CIIE.

Gu Jialin, CEO of Richemont Group China, said that it is a great honor to participate in the CIIE again and bring many boutique brands together on this important platform.

　　It is the third consecutive year that Kering Group has brought all its brands onto the stage of the CIIE.

This year, the Kaiyun Group Pavilion was named "Kaiyun Galaxy", depicting a magnificent fashion universe.

"Participating in the CIIE for the third time has allowed us to take another step forward on the road to becoming the most influential boutique group," said Cai Jinqing, President of Kering Group Greater China.

　　What kind of attraction made the three "big names" come here by coincidence?

　　Under the new crown pneumonia epidemic, China's high-end consumption "returning" may be a very important reason.

　　"Indeed, after the outbreak, the Chinese market has achieved strong growth." Cai Jinqing, President of Kering Group Greater China, said in an interview with a reporter from China News Agency. "Because the people have confidence in government management and policies, consumer confidence has always been very high. exuberant".

　　Cai Jinqing said that the epidemic has accelerated the trend of "returning" consumption.

To cope with this change, Kering Group actively participated in the digitalization process in China, not only opening brand flagship stores in more cities, but also increasing its layout in online channels and self-operated websites. The sales of online channels showed three-digit sales. The gratifying growth.

"We can feel the booming confidence of Chinese consumers and their urgent need to pursue more high-quality products and experiences."

　　With the vitality of the Chinese market, Kering Group, an established luxury goods company, chose to adjust the supply chain to meet the needs of the Chinese market first, which was rare in the past when the global supply chain was tight.

　　Cai Jinqing believes that in the high-end consumer market, China does lead the world in many areas, and the Chinese market has its own characteristics.

　　First of all, China’s high-end consumption is dominated by young people, “many of them have overseas education experience and life travel experience, and they are also closely connected with international fashion trends.”

　　Secondly, China's high-end consumers are paying more and more attention to the social responsibility of brands, especially in terms of sustainability.

　　Third, the "national trend" is rising in China, making local consumers even more fond of brands that have "Chinese elements" or have had a good influence and experience in China.

"I think it's not enough to have'Chinese elements'. We should work hard to narrate brand stories in combination with Chinese cultural trends," said Cai Jinqing.

　　In addition to the “return” of high-end consumption, Zhou Ting, an expert in the luxury goods industry and director of the VIP Research Institute, believes that “attractiveness” is also due to a number of factors, including: the rise of China’s consumer status with Shanghai as the core, and the rise of China’s high-end consumption The increase in the proportion of consumption in the global market, the need for commercial promotion of luxury goods groups, etc.

　　In an exclusive interview with a reporter from China News Service, Zhou Ting said that Shanghai, as a leading city in China's high-end consumption and an international consumption center, has always been the most important wholesale and trading port for luxury brands to enter China. Recognition of the rise of China's consumption status".

　　According to the calculations of the VIP Research Institute, China's domestic luxury goods sales will account for about 80% of the global market in 2021.

"This is a huge change from before," Zhou Ting said. It is precisely because the Chinese market is a top priority for international luxury goods groups, they must join this event for strategic reasons.

　　At present, while international tourism and commerce have not yet fully recovered, it is undoubtedly necessary for Chinese consumers to better understand the culture behind luxury goods, their images, their products, their stories, and their history. A very good choice.

(over)