Green shoots sprout in fashion landscape
Global brands' confidence in nation's luxury retail has strengthened on its large market scale and shifting consumption pattern of younger generation
According to a report by Bain & Company and Altagamma, the Italian luxury goods manufacturers' industry association, the expected stability and resilience of overall luxury spending this year masks far-reaching and significant structural shifts under the surface of the luxury marketplace as consumers increasingly choose experiences over buying new luxury possessions.
"After the shopping spree era, experiences and emotions have become the true engine of luxury growth," said Claudia D'Arpizio, senior partner at Bain & Co.
Domestic brands have also quickly gained popular appeal, such as leather goods brand Songmart, gold jewelry brand Laopu and collectibles toymaker Pop Mart. The impact of such a transformation on Chinese consumers has yet to be seen.
Over the past decade, China's retail sector has undergone a fundamental transformation. E-commerce platforms have pushed convenience to an extreme, reshaping consumer expectations around speed, price transparency and access.
While that efficiency is for purely transactional shopping, Wu said, "So-called 'new retail' is not just online, but also offline, demanding re-imagination for improved physical retail and innovations to create an experiential and socially connecting environment."
Taikoo Li Sanlitun has positioned itself not only as a shopping destination, but also as an urban space that relates to the young urban community in terms of fashion, food and culture.
This month, the complex unveiled a campaign "Fashion Expo", featuring a pair of sculptures "Travel Angel" for the landmark, created by Spanish artist Jaime Hayon.
The commercial complex has broadened its lifestyle offerings, including Feng Full, the first nationwide fusion-dining concept from heritage brand Lao Ding Feng. Emerging lifestyle brands such as Descente have also presented a trendy culture to attract more younger consumers.
"Since opening in 2008, Taikoo Li Sanlitun has witnessed China's evolution from a participant in global fashion to one of its key trendsetters," said CT Ma, general manager of Taikoo Li Sanlitun. "We hope to use Fashion Expo to bring together cutting-edge global fashion and multicultural experiences to create a more refined, trend-inspired lifestyle destination."
wangzhuoqiong@chinadaily.com.cn
