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LIFESTYLE AND FASHION

LookLook reveals the results of their study of female Chinese luxury buyers indicating a reduction of interest in Luxury Goods

LookLook reveals the results of their study of female Chinese luxury buyers indicating a reduction of interest in Luxury Goods
The Siliconreview
23 November, 2022

New York-based consumer insights platform, LookLook, reveals the results of a recent study amongst their proprietary panel of female luxury buyers in 13 markets across China. The platform conducted a pulse check through their China ‘LUXURYVERSE’ that facilitates an invite-only online forum for luxury buyers to congregate and share their thoughts. The participants of the panel are pre-vetted according to their spend in various categories of luxury goods and are aged between 22 to 44 years.

The study indicates a sharp shift in the mentality among buyers of luxury products. According to the study, the uncertainty and severity surrounding lockdowns over the last six months have traumatized women. These restrictions have affected the mobility of women and the luxury goods they are seeking, both from within and outside of the country (mostly Europe). In addition, the population of Daigou, who provide an additional channel of access and personal service to Chinese luxury buyers, has been reduced during the pandemic. The unavailability of these people who buy and ship luxury products, along with supply chain delays, has worsened the situation. Most importantly women reported that they have less exciting places to go. As a result, the study reveals that today, two-thirds of Chinese luxury buyers are less interested in luxury than they were pre-pandemic. (One exception is luxury fragrance, which has exploded.)

Over half of the women in the study reported having experienced the effects of lockdowns, and one in five reported that their quality of life is still suffering from the inability to socialize normally. Eight out of the one hundred in the panel have already left China and twenty-six (1 in 4) are considering leaving the country. Most women stated that their inability to move freely has been the primary challenge in their quality of life.

“According to our study, restrictions on mobility and socializing during covid are having a huge impact on people's mentality towards luxury products in China. 8% of the participants in our study reveal that their desire to buy luxury goods has never been higher, while 68% of participants said they had less interest in buying luxury goods than before the pandemic”, says Malinda Sanna, Founder of LookLook.

LookLook is based at Neuehouse in NYC and was founded by Malinda Sanna in 2010 with team members based in Europe, Asia, the Middle East and South America. The platform serves as a forum that allows luxury consumers to chat with each other and exchange relevant and helpful information regarding what is currently happening in the world of luxury. (For more information on the report, please email luxuryverse@looklook.app)