In 2018, the global luxury market grew by 5% to around USD 1.35 trillion and 33% of that total came from Chinese shoppers already today. Experts predict that China’s luxury spending will nearly double between now and 2025.
The Chinese consumer market seduces with its size and growth rate, but Western companies usually find it difficult to understand the market and classify developments correctly. Local partners can make a decisive contribution to success and identify growth opportunities based on their market knowledge, insights, and experiences.
Mr. Mike Hofmann, Managing Director at Melchers Beijing, was invited to join the China Paradigm Podcast and talk about supporting the exportation and operations of foreign luxury brands in China.
Highlights of the podcast episode:
– Melchers’ case studies that are most illustrative of China
– Competing with other brands
– Navigating risks
– Training and time investment for selling a luxury product
– A standard way of working with malls
– Most successful format for market entry
– Working with a TP (T-Mall partner)
About the Podcast
China Paradigms is a China business podcast sponsored by Daxue Consulting where they interview successful entrepreneurs about their businesses in China. To learn more about China Paradigm, please visit their website www.daxueconsulting.com