DLG & Re-Hub：2024解码中国奢侈品营销节点：520（中译版）（28页）.pdf

1、Decoding Luxury Marketing Milestones in China 2024:520Given the current headwind facing Chinas luxurymarket,is 520 still a relevant milestone for luxuryand premium brands?2Table of contents01.Introduction02.Performance Overview03.Conclusion3Introduction01.IntroductionIn a Challenging 2024,What Does

2、520 Imply.4Following a robust 12%rebound in 2023,Chinas luxury market isonly expected to grow by a low-single-digit in 2024,confirmed by the Q1 earnings of most luxury companies.Consequentially,exceptfor a few very well positioned maisons,growth in China from mostluxury brands has begun to stagnate

3、and made the revenuepeak of 520 even more critical.Coming on the heels of Lunar New Year and Valentines Day,the 520 festival traditionally is one of the biggest revenue peaks in theyear along with Chinese Valentines Day.The date,which sounds like I love you in Mandarin,was initially regarded as the

4、Chinese Internet Valentines Day.Nowadays,it has become anomnichannel romantic festival and an important marketing occasion,for brands to launch 520 marketing campaigns and asignificant e-commerce focus,including on marketplaces likeTmall.This years 520,however,was quieter than usual,as a result ofTm

5、alls effort to prioritise and extend the 618 shopping festivalfrom 20thMay.Therefore,brands had to significant reduce their520 marketing budget.Among our sample of 103 brands,520 wasa focus on WeChat for 73 of them.A significant number of brandslaunched dedicated festival campaigns,exclusive collect

6、ions,andinnovative experience to celebrate this milestone.Another challenge for brands is the evolving significance of 520 for young consumers.With declining birth rates and marriage registrations in China,the concept of romantic love might not resonate as universally as before.Today,with three Vale