www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.PlayinterviewwithErwanRambourgEquitiesConsumerandTechFebruary2019By:ErwanRambourgandtheGlobalConsumer&RetailTeamThesecondeditionofourChinaDeluxesurveyfocusesonconsumeraspirationsforpremiumproductsDespitetheheadlines,oursurveyrespondents’luxuryconsumptionstilllooksstrongintheYearofthePigSeebrandpreferencesandup-and-comingtrendsinluxury,technology,internet,travel,beverages,cosmetics,andmoreChinaDeluxeCheckinginonluxuryconsumptioninChina1Equities●ConsumerandTechFebruary2019CheckinginonluxuryconsumptioninChinaLastMarch,welaunchedourfirst-everluxuryconsumptionsurvey,interviewingwealthyChineseconsumers.Wecheckinayearlatertoseeifthingshavechanged.Wesurveyedover2,000wealthyChineseconsumersaroundChineseNewYearandaskedthem50questions.Wefocusedonmillennialsaged18-34(57%ofrespondents),astheyarethegenerationmostlikelytodriveluxuryconsumptioninthefuture,andonwomen(57%ofrespondents).Ourrespondents’annualincomeexceededRMB150,000,andwesplittheresultsbetweenTier-1andothertiercities(closetoa50-50split).What’sinthereportAftersimilarpremiumsurveysinboththeUS(USHolidayDeluxe,3Dec2018)andChina(ChinaDeluxe,7Mar2018);andbroaderconsumersurveysinPoland(23Jan2019),theUK(16Jan2019),Turkey(10Jan2019),Russia(27Nov2018),Mexico(26Nov2018),Brazil(13Apr2018),theUK(13Dec2017),theUS(18Jan2018),andChina(3Nov2017),wecheckinwithourwealthierChineseconsumers.Weaskabouttheirappetiteforluxurygoods,tech,sportswear,luggage,cosmetics,travel,internet,andbeverages.WesurveytheirexpectationsfortheeconomyintheYearofthePig,attitudestowardsESG,andtheimplicationstheirpreferenceshaveonbroaderthemesforthesesectors.WecomparetheresultstoourChinaDeluxesurveyfromMarch2018andourUSHolidayDeluxesurveyfromDecember.Whilec2,200respondentsarenotenoughtoformarepresentativeviewoftheentirepopulation,theresultsdosupportthemeswehavebeendeveloping.Seepage6formor...
