What luxury retailers should focus on to attract consumers

Around 36% of Chinese consumers said product quality/durability is the most important.

Luxury goods players need “to go the extra mile” to capture more customers, focusing on quality, branding and providing unique experiences, amongst others as consumers are conscious of their spending.

In a report, Roland Berger found that 45% of surveyed consumers cited quality/durability as the most important factor in their purchase decision. In China, specifically, the said factor is also the top consideration, with 36% citing it as the most important.

This is followed by branding/logos with 24% globally and 31% amongst Chinese consumers.

Around 11% of the global consumers also cited unique shopping experiences and price as the most important factor.

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In China, 17% cited unique shopping experiences as the most important in their purchase decisions for luxury items but only 2% said that price is the top factor.

Sustainability is also the top factor for 9% globally but is much higher amongst Chinese consumers at 15%.

Roland Berger and Potloc surveyed 1,800 people from six countries with 300 participants each from Brazil, China, Germany, the United States, the United Kingdom and China.