Cars, beauty products, and fashion are the top three sectors of luxury brands in China, according to the World Luxury Index of the Digital Luxury Group, the Shanghai List reports.
The preferences by category for Chinese consumers differ from U.S.-based buyers, as cars, fashion, and hotels are the three top-ranked types of deluxe products in the U.S. market.
Luxury brands Audi, Chanel, and Louis Vuitton are the top-ranked brands in China for automobiles, beauty goods, and fashion, respectively. Six of the top 10 luxury brands are automobiles, as Audi, BMW, Lexus, Mercedes-Benz, Porsche, and Lamborghini are included. Chanel, Estée Lauder, Louis Vuitton, and Dior fill out the top 10 preferred luxury brands in China. All 50 of China’s favorite luxury brands are included in article by Shanghai List.
The differences between Chinese and Western tastes has forced major fashion houses like Louis Vuitton, which has seen a stagnation in growth, to rethink their approach. David Sadigh, CEO of Digital Luxury Group comments, "In the case of Louis Vuitton, LVMH has already shifted gears, putting the brakes on its global expansion, whilst raising prices and developing more leather up-market products.”