The luxury consumption mindset of ‘showing off’ in China now is not as widely accepted. The leading luxury consumers from 1st and 2nd tier cities have become more sophisticated than the previous generation. They would love to differentiate themselves from others through the KNOWLEDGE, perceived as an ‘insider value’. That gives rise to the amounts of the niche brand which can satisfy the ‘knowledge-based’ demands. Recent reports by Bluebell Group indicate that nearly 89% of mainland respondents agreed that luxury means niche brands that fewer people know, often offering excellent quality and unique style.
Below are three key takeaways: luxury brands must better instil this knowledge and customize it with relevant brand experience.
#1 Brand Knowledge
Chinese luxury shoppers seek knowledge of your product details and your brand heritage, which makes your brand exceptional. The industry experts can well transform brand knowledge through an exclusive brand event.
#2 Skills Knowledge
The emerging luxury classes continue to prefer brand experiences that are more personal and through which they can acquire new skills. Brands must invest in the exclusive personal journey for their targeted luxury groups and create superior customer experiences.
#3 Culture Knowledge
The growing knowledge of luxury cultural capital differentiates ‘insiders’ from ‘outsiders’. As art has long been the cornerstone of the luxury brand strategy, luxury brands must know how to exhibit their status and recognition through well-defined storytelling.
Source: https://jingdaily.com/insider-knowledge-niche-brands-cultural-capital/
