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  "documentTitle": "A New Generation of Chinese Consumers Reshaping the Luxury Market",
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      "text": "2021 marks the 4th year that Tencent Marketing Insight (TMI) and Boston Consulting Group (BCG) have collaborated on exploring the luxury market trend of mainland China. Over the past few years, we have witnessed how companies have constantly adapted their digital marketing strategies to cope with an ever-changing market landscape. We closely follow the market dynamics every year, and we remain committed to constantly improving our research methods. We hope that this series of reports will offer brands more accurate insights into market dynamics, driving informed marketing strategy making and improving returns on those strategies.",
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      "text": "On one hand, luxury consumers are getting younger. On the other, the post-90s generation, who are now entering their 30s and establishing careers and families, will quickly become a major driving force behind market growth. Research shows that consumers born between 1990 and 2000 now account for 50% of total luxury consumers, contributing 46% of luxury sales. We are now at a generational turning point. Growing up in a time of economic prosperity as well as the rise of accessible Internet, the post-90s generation has experienced mindset shifts, and their purchasing needs, habits and profiles are radically different from those of the 1st generation of Chinese luxury consumers.",
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      "text": "Perhaps the most important theme running through 2021 for Chinese luxury market is the rise of a new generation of consumers. This report looks at how brands can adapt to this generational shift and create new growth momentum.",
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      "text": "Existing heavy-spending consumers must not be left behind by brands. Although they only account for 11% of total consumer base, they make up 40% of luxury sales. As major brands have strengthened their digital marketing capabilities, this segment has seen increased demand for personalization and exclusivity. To better satisfy this discerning group, brands need to provide integrated omnichannel service offerings.",
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