Luxury Brands Target Rich Chinese Students in the US
Desiree Sison | | Dec 20, 2015 04:10 AM EST |
(Photo : Reuters) Luxury Brands Target Rich Chinese Students in the US
Western luxury brands have captured a lucrative market in the new wealth of Chinese consumers whose children are studying in the United States.
The luxury brand sellers target these well-heeled, mainland students in the United States, showering them attention and capitalizing on their expensive taste and their parents' riches.
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Reports said this strategy has worked for some brands with an increase in sales in the U.S. despite the dismal sale performance in China.
Various promotions and gimmicks undertaken by the signature brand companies to lure the Chinese students to shop are paying off.
The Los Angeles Beverly Center mall, for instance, sends out buses to pick up Chinese families at the University of California at Los Angeles and the University of Southern California when school begins and at graduation.
Susan Vance, the Beverly Center marketing director, said they are trying to tap the key Chinese customer base once they reach U.S. shores and so far, sales have been profitable.
Vance said Chinese student groups have been sponsored by the mall, including 45,000 members, that she chalked up to one of its most successful marketing plans.
According to Bain and Co, 31 percent of the $273 billion global luxury goods market were spent by Chinese shoppers.
As the economic growth of China slows and the government's anti-corruption drive includes ordering citizens to curb luxury spending, makers of luxury brands are creatively looking for ways to tap the large Chinese market, and one of it is to sell to these Chinese university students enrolled in the U.S.
Reports said university students are shopping for luxury brands such as Louis Vuitton and Gucci handbags, Tory Burch shoes, as well as fashions from Fendi, Alexander McQueen, Bottega Veneta and Yves Saint Laurent, among others.
It is yet uncertain how much percentage the student purchases contribute to the overall luxury brands sale but other top luxury brand makers see the student groups as a financial force and providing a much larger consumer target.
TagsChinese university students in the US, Los Angeles Beverly Center mall, Louis Vuitton, Gucci handbags, fendi, Alexander McQueen, Tory Burch shoes, Bottega Veneta, Yves Saint Laurent
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