Kunpeng Project
In an amazing change in FY2022, Chow Tai Fook Jewellery Group*** managed to surpass Hermès in France and Rolex in Switzerland. This incredible phenomenon has provoked deep reflection on the luxury industry and revealed a surprising but plausible new trend* that is increasingly challenging the status of traditional luxury.
Once upon a time, luxury brands such as Hermès were sought-after consumers, with most people keen to spend months on a big-name bag. However, today's young people's consumption concept has changed dramatically, and they have begun to set their sights on more cost-effective **.
From an economic point of view, this phenomenon is not accidental. First of all, as a financial asset, it has relatively stable value preservation and appreciation characteristics, and has become a new choice for young people to manage their finances. In the face of rising inflationary pressure, young people have focused on wealth preservation on golden**, and no longer just stop at outdated luxury bags.
Secondly, the consumption concept of ** jewelry is in line with the pursuit of quality and uniqueness of contemporary young people. Compared with the same luxury bag, ** jewelry can show more personalized aesthetic pursuit. This uniqueness not only attracts the attention of young people, but also triggers their desire to buy. One young consumer said, "*Jewelry is more representative of my taste and unique personality than being a label for a brand. ”
In the transformation of Chinese young people's consumption attitudes, personal views are indispensable. I believe that this phenomenon reflects a profound change in young people's attitudes towards material pursuits. In the past, luxury goods were a symbol of their status and social status, but nowadays, young people are more interested in practicality and investment value. This change of concept is in line with the trend of social development, and also provides soil for the sudden emergence of the first army.
Real-life examples provide strong support for this trend. It has been reported that in some first-tier cities, more and more young people are choosing to spend their shopping budget on purchases rather than luxury goods. A young newcomer in the workplace who has just entered the society told me: "I would rather choose a high-quality ** jewelry, which can not only beautify myself, but also serve as a tool for wealth preservation in the future." ”
The rise of * has not only shown strong vitality on the economic level, but also has a profound impact on the cultural level. The rise of jewellery has redefined the traditional luxury consumption model, providing a more diverse choice for young people. This shift may trigger a deep rethinking of the entire luxury industry, pushing it to innovate and upgrade to meet the needs of today's young people.
However, it is worth noting that luxury is not completely unattractive. Compared with **, luxury goods still carry a certain social symbolic meaning, and are still the coveted fashion symbols pursued by some consumers. Therefore, luxury brands need to keep innovating and finding new market opportunities while maintaining their traditions in order to respond to changing consumer trends.
In general, young people's enthusiasm for ** and the loss of Hermes are not only changes at the economic level, but also an evolution of consumption concepts. To a certain extent, this evolution reflects the change in social values and provides a new direction for the luxury industry. In the future, whether it is luxury goods or first-class goods, it is necessary to constantly adapt to market changes and keep up with the pace of the times in order to be invincible in the fierce competition.