The new audience for luxury
Is China ready yet to take up the mantle of world’s biggest luxury consumer, or is the rest of the world still alive and kicking? This week it was reported that one in four Bentley’s are sold in China, meanwhile The Economist states that a “mere 1.4% of urban households make more than $15,000 a year, and only 11% make $5,000-15,000″. So who is this new audience? Zeitgeist can tell you anecdotally that there are lot of 20-somethings in the West who feel like luxury brands aren’t addressing them at all. There’s a dual tension here between old money and new, between understated chic and extravagant opulence. Groups populated by customers who are actually very different in their spending habits, but are grouped under the generic umbrella of “luxury” all the same.
Zeitgeist wrote a couple of months ago about a car brand that played on tenets of luxury to extol its own values; in the above video Audi does the same. What type of customer do you think it’s courting?