Rich Chinese shoppers are over flashy, prominently sported designer logos. Now, discretion is the thing, says a
report by researcher Wealth-X.
Experts are considering this a rite of passage in the evolution of the Chinese consumer. The super rich no longer want to appear ostentatious, and they’re learning that “expensive” doesn’t necessarily mean “high quality.”
“I even see people removing the label from the inside of their jacket as a way of making it more anonymous,” said Jing Ulrich, managing director and vice president of Asia-Pacific at JP Morgan, and one of Asia’s most respected bankers.
So what has replaced the desire for an LV front and center?
China’s wealthy want clothes and accessories that are completely their own — bespoke this and personalised that. Companies like Louis Vuitton, Todd’s, Hermes and more are complying with more customisable products.
Researchers also attribute this move toward discretion to the government’s anti-corruption crackdown over the past couple of years.
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