New Realities of Luxury in China: A Recap 20th March

Dear Members and Friends,

The China-Italy Chamber of Commerce (CICC), collaborating with the Italian Quality and Lifestyle Council (IQLC) and our member Intarget Shanghai, held the event Luxury in China, Navigating New Realities on March 20th. With the participation of over 60 attendees, this was a moment to share insightful experiences and discuss the latest trends in the luxury industry in China.  

Moderator Carlotta Godio, Vice-coordinator of the IQLC and Co-founder and General Manager of FLATMIND VIDEO PRODUCTIONS Co., LTD., started the roundtable by presenting the IQLC and the speakers for the night.

One of the highlights of the evening was the newly published Intarget report “Beyond Borders: understanding China and APAC Luxury Evolutions”, which was illustrated by Stefano Generali, Managing Director of Intarget Shanghai. This report allowed an understanding of the current state and trends of the Chinese market and possible opportunities beyond the Mainland.

“Value, sustainability, and authenticity: these are the key values Western brands in China must embrace to solidify their bond with a dynamic and discerning Chinese audience. As consumers become savvier about product worth, new technologies offer a helping hand, but only when blended with the right human touch.” - Stefano Generali

On the same line, Aurelien Rigart, Managing Director-Co-Founder IT Consultis, made an insightful discourse about how to leverage technologies to use them at best for marketing and communication in China.

"To thrive in China this year, notwithstanding a slow start, brands must prioritize maximizing their CRM strategies and clienteling efforts to elevate revenue streams. As the landscape becomes increasingly competitive, those who emerge victorious will demonstrate a clear vision regarding their utilization of first-party data, with leadership placing paramount importance on this aspect. Efficiency will undoubtedly be the defining factor this year." - Aurelien Rigart

The last intervention of the night was carried out by Yaling Jiang, China researcher & strategist at ApertureChina, who further developed the topic of Luxury brands (domestic and Western) and their relationship with Chinese consumers, in particular the middle-class ones.

"Middle-class Chinese consumers are becoming more cautious with their spending in an economic downturn. Despite this, the luxury sector should continue engaging this demographic through culturally resonant activities. This approach not only maintains a connection with these valuable consumers but also leverages their significant online influence, potentially setting the stage for a resurgence in luxury spending in the future." - Yaling Jiang

All speakers suggested strategies to reach success in China, by reaching a wider audience and driving more value. In the end, many in the audience raised some questions which allowed for further discussion on the topic.

The CICC would like to thank all the participants for coming and the speakers for their insights. A special thanks also goes to Totino Panino and Pierre Marcolini for catering the event and WeWork for providing us with a pleasant and modern space.

About Italian Quality & Lifestyle Council (IQLC)

A council about Luxury Living, Fashion, Luxury and Premium Goods, Design, Lifestyle, focus on Retail and Digital. Our objective is to facilitate business with China for CICC  member or non member companies and individuals, in retail and consumer goods.