Rich taste upgrade, the market will reshuffle

February 18, 2020

Rich taste upgrade, the market will reshuffle According to statistics, the number of Shanghai’s richest people with over RMB100 million in assets has reached 7,800, and the number of millionaires is more than 140,000. If high-end custom consumers account for only 10% of them, target customers will have about 15,000 wealthy people. Together with the rich and powerful areas in Jiangsu and Zhejiang, the total number can reach more than 30,000 people. According to the statistics of the company, the type of custom that the richest Chinese like to order are clothing, jewellery, household items and gifts, and jewellery and clothing are among the most likely to be ordered.

In recent years, the affluent sectors in the country have long been scandalous in the luxury goods shops in Hong Kong and Europe and the United States. This has made the world recognize the financial resources of the Chinese people. However, some Chinese people do not pay attention to the taste but only emphasize the brand and fall in the hearts of others. The image of the upstart and the landlord. Therefore, some people at the top of the affluent class in China are no longer satisfied with similar styles. People have luxury brands that I have, and they are pursuing some tailor-made, unique costumes. Of course, this will require a higher price. For example, if a custom-made hand-made garment is priced at at least tens of thousands of yuan, it will not be capped.

Convergence to Personalized Consumption - Domestic Rich Lifestyle Taste and Consumption Habits Upgrade

The Bund 22, which opened recently, is the first place in Shanghai that specializes in various types of high-end apparel customization. When Li Yulin, president of the Bund on the 22nd, was interviewed by the “Economics News Service”, he said that with the expansion of consumer groups, luxury brands have also entered the era of mass production, which has made luxury goods once advertised their value and the special attributes they conveyed. Gradually lost. At the same time, the tastes of Chinese consumers are rapidly changing, and a consumer-oriented revolution is rapidly emerging. When many well-known luxury brands have returned to the customary path, opening up professional and unique services for high-end customers, low-key and purely customized, has become the new mainstream of China's wealthy class. In this context, the 22nd Bund came into being.

This year, with the slowdown of China's economic growth, it has also had a certain impact on the luxury goods market. Li Yulin said that on the whole, the consumption growth of the Chinese luxury goods market has slowed down compared with the past, but this does not mean that there is no growth. To be precise, the individualized category has even more significant growth. This is mainly due to the current domestic wealthy lifestyle and consumption habits upgrade, from his need to consumer spending, from the consumer to personal consumption, they may want to be more unique, more perfect presentation of their own, or just simple The hope can have the best pair of shoes for you.

The market will reshuffle - high-end custom or change the luxury market

Li Yulin pointed out that statistics show that the number of wealthy people in Shanghai with assets of over 100 million yuan has already reached 7,800, and the number of millionaires is more than 140,000. If high-end custom consumers account for only 10%, target customers will have about 15,000. A total of more than 30,000 people were tycoons and rich people in Jiangsu and Zhejiang. According to the statistics of the company, the type of custom that the richest Chinese like to order are clothing, jewellery, household items and gifts, and jewellery and clothing are among the most likely to be ordered.

Li Yulin said that the mainstream well-known brands actually smelled this trend and gradually provided more customized services with more limited options, or developed so-called limited edition models. This also proved that high-end customized products are in demand. The room for continuous growth, while China's high-end custom market is still in a situation where a few brands are struggling to operate, and it has not yet been able to provide a highly integrated service and marketing force. In fact, China has had the ability of high-end custom since ancient times. For example, each item in the royal family is the essence of high-end custom. In fact, the Chinese market has many designers or experts with top-notch craftsmanship and innovative design. Skills and craftsmanship are the most favorable conditions for the provision of personalized services. What they need now is a united driving force to create a market atmosphere to fully stimulate more potential consumer groups and recognition. If everyone does this together, she thinks it is very optimistic.

She also believes that due to the increase in high-end custom, I believe in the next two or three years, the original luxury consumer market will reshuffle. Although high-end ordering is not cheap, Li Yulin pointed out that its value is not only reflected in money, and what is ordered is not necessarily extremely expensive. She hopes that the public can really understand the meaning of ordering, because each Custom-made products are also a work of art. Culture can be inherited and appreciated. She hopes to see these designers with top-notch craftsmanship and innovative design representing China and the exquisite craftsmanship that belongs to the East and become a representative international brand. She also believes that the meaning of the words “luxury goods” is a little negative. It is more appropriate to call a boutique. This is what she wants to bring to everyone.

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