China News Service, Haikou, July 27 (Reporter Wang Enbo) The Chinese market has always been a battleground for global luxury fashion brands, especially young consumers are becoming the target of their efforts.

At the 2nd China International Consumer Goods Expo being held in Haikou, many industry giants talked about how to attract Chinese young people, the "wealth code".

　　According to research data from Bain & Company, a global consulting firm, in 2021, the personal luxury goods market in China will reach nearly 471 billion yuan, a year-on-year increase of 36%, which is more than double that of 2019 before the epidemic.

It is estimated that by 2025, China will become the world's largest consumer market for personal luxury goods.

　　Such a fast-growing consumer market is a feast not to be missed for global brands and retailers.

Among them, young consumer groups have attracted much attention.

　　"Chinese young people are increasingly showing their consumption power," said Wu Yue, president of France's LVMH Greater China Region. The luxury goods industry has benefited from the blessings of generations of Chinese young people.

Especially since last year, following the "post-80s" and "post-90s", "post-00s" have gradually entered the workplace and become a member of the consumer army. "From this perspective, we are very confident."

　　Talking about young Chinese consumers, Zhang Yunxin, president of Burberry China, quipped that "this topic can be discussed all day."

According to her, user portraits show that the newly emerging "millennials" and "post-90s" have become the backbone of consuming its products.

As a consumer group that has grown up almost entirely in the Internet era, they pay more attention to the social and innovative attributes of brands, and their consumption habits have changed a lot.

　　In order to "compete" for the new generation of Chinese consumers, major luxury fashion brands are gearing up to attract their attention and meet their needs.

　　Many "time-honored brands" have put down their burdens and reached young consumers in a more down-to-earth way.

Cooperating with the Forbidden City to hold exhibitions, live online concerts, and open stores on e-commerce platforms... Richemont Group China CEO Gu Jialin introduced that using online and offline integration to strengthen interaction with young people is the jewelry of the group. The "playing style" of the brand Cartier.

　　"Chinese young consumers are very fashionable, open-minded, well-informed, and advanced in vision. They pursue novel and unique, and at the same time are very Internet-based." said Fan Jiayu, member of the global management committee of Estee Lauder Group, president and CEO of China, that the brand not only cooperates with Mobile games carry out joint cooperation, and continue to promote activities of social value such as sustainable development and women's development that Chinese young people are concerned about.

There is only one purpose: to communicate with young consumers in a way they like to hear.

　　For this year's Consumer Expo, the major brands are also quite interested. They not only built beautiful and eye-catching booths, but also took out precious jewelry, high-end watches and other "high-end products", and jointly carried out tropical rainforest restoration with relevant parties. and other public welfare activities, attracting many audiences to pay attention to inquiries, including many young people.

　　The consumption potential that has been continuously released from generation to generation has made global luxury fashion brands continue to be optimistic about the prospects of the Chinese market.

　　Yann Bozec, President of Taipasqi Asia Pacific and President and CEO of Coach China, noted that Chinese consumers' demand for high-quality boutique products continues to grow.

In particular, young Chinese people are seeking unique and novel ways of consumption. They are as sensitive to fashion elements as any other country. Major brands can join hands with young consumers to create new markets.

　　Wu Yue said that international brands benefited from China's continuous reform and opening up.

"As a long-term industry and brand, we have full confidence in China." (End)