Luxury brands with ethical and sustainable practices are more likely to win more consumers in Greater China. A 2022 survey on luxury consumers in mainland China and Hong Kong discovered that one in five respondents would abandon the brand they are loyal to and go for a new brand that is better aligned with their values either in social or environmental responsibility. Social marketing and influencer endorsements were less effective among loyal luxury consumers, with only 13 percent of respondents choosing it as a reason for switching to another brand.
Reasons among loyal luxury consumers to switch towards a new brand in mainland China and Hong Kong in 2022
Characteristic
Share of respondents
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2,653 consumers who have purchased or are interested in luxury goods
Age group
18 years and older
Supplementary notes
The survey focused on residents in Tier 1 cities (Guangzhou, Shenzhen, Beijing and Shanghai), Tier 2 cities (Chengdu, Hangzhou and Wuhan), and Hong Kong. The share of respondents: 46 percent from Tier 1, 39 percent from Tier 2, and 16 percent from Hong Kong. The sample size was evenly distributed by gender and represented a wide range of income levels. Age distribution: 33 percent were 18 to 24 years old, 34 percent were 25 to 34 years old, 19 percent were 35 to 44 years old, 8 percent were 45 to 54 years old, and 6 percent were above 55 years old.
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KPMG International. (January 16, 2023). Reasons among loyal luxury consumers to switch towards a new brand in mainland China and Hong Kong in 2022 [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1395866/greater-china-reasons-for-switching-to-another-luxury-brand/
KPMG International. "Reasons among loyal luxury consumers to switch towards a new brand in mainland China and Hong Kong in 2022." Chart. January 16, 2023. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1395866/greater-china-reasons-for-switching-to-another-luxury-brand/
KPMG International. (2023). Reasons among loyal luxury consumers to switch towards a new brand in mainland China and Hong Kong in 2022. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1395866/greater-china-reasons-for-switching-to-another-luxury-brand/
KPMG International. "Reasons among Loyal Luxury Consumers to Switch towards a New Brand in Mainland China and Hong Kong in 2022." Statista, Statista Inc., 16 Jan 2023, https://www.statista.com/statistics/1395866/greater-china-reasons-for-switching-to-another-luxury-brand/
KPMG International, Reasons among loyal luxury consumers to switch towards a new brand in mainland China and Hong Kong in 2022 Statista, https://www.statista.com/statistics/1395866/greater-china-reasons-for-switching-to-another-luxury-brand/ (last visited August 25, 2024)
Reasons among loyal luxury consumers to switch towards a new brand in mainland China and Hong Kong in 2022 [Graph], KPMG International, January 16, 2023. [Online]. Available: https://www.statista.com/statistics/1395866/greater-china-reasons-for-switching-to-another-luxury-brand/
