Louis Vuitton’s hot stamping service
Nowadays, people are not looking for a bag, they’ re looking for something special, something which really reflects who they are. And this is particularly true when speaking of customers buying luxury bags.”
It’s clear that individuality and self-expression are important for younger demographics, and Chinese millennials and Gen-Zers glorify luxury brands that respect their individuality and respond to their peculiar needs. Since the primary in-demand quality of a heritage brand is ‘exclusivity,’ most luxury buyers have become less enthusiastic about mass production. Consequently, younger consumers want to be involved in the design process by leaving their mark on the end product.
A 2015 research paper from Deloitte named “The Deloitte Consumer Review. Made-to-order: The rise of mass personalization” states that 36 percent of consumers are interested in buying personalized products while 48 percent don’t mind waiting longer for customized luxury goods. Meanwhile, the 2017 Deloitte research paper “Bling it on. What makes a millennial spend more?” shows that 40.6 percent of Chinese millennial consumers don’t mind paying a premium for a personalized product, while in the U.S., 71.4 percent would pay a premium. This shows how popular customized luxury goods have become around the world and how this trend still has room for growth in China.
It should be noted here that a correlation between fashion styles and the economy is often recognized. Some retail experts argue that in times of recession, trendsetters embrace conspicuous consumption and more restrained aesthetics, while conversely, during a phase of economic expansion, consumers welcome splashy extravagance. Not surprisingly, in China — a country where the economy is booming and young consumers consider themselves brands — the customization trend is in high demand. China’s millennial and Gen-Z luxury consumers interpret personalization as a resource that helps them fulfill their right to self-expression and unabashed individualism.
[Source: https://jingdaily.us1.list-manage.com/subscribe/post?u=555a04b48e1f20aecf5db4d61&id=8dec01cd8d ]