In a world where fashion boundaries are blurring, the Lunar New Year emerges as a golden opportunity for luxury and accessible luxury fashion brands. This article explores how Asian celebration is becoming a key strategy for brands looking to expand their reach and secure their value for the future.
Potential of Asian Markets
Asia represents almost 37% of the global luxury market, surpassing the US and Europe. Major Asian fashion markets include China, Japan, Korea, Taiwan and Hong Kong, which show a growing inclination towards European fashion. Despite recent economic turbulence, the global fashion industry is expected to grow between 2 and 4% in 2024, with luxury segmentation generating the majority of the economic benefit. It is crucial that European brands recognize the diversity and unique consumption patterns of these markets to establish effective entry and expansion strategies.
In China, for example, the luxury market is projected to grow significantly, with a focus on brands that offer a mix of exclusivity and accessibility. Japan, known for its appreciation of high-quality and designer fashion, remains a key market for European brands. Hong Kong, on the other hand, acts as a cultural and commercial bridge, attracting wealthy consumers looking for the latest in fashion.
A key time to enter Asian markets is the Lunar New Year.
Fashion Trends and Preferences in Asia
Understanding local preferences and how to incorporate them is crucial here. For example, in China, the color red, a symbol of good luck and joy, and gold, which represents wealth and prosperity, are especially significant during the Lunar New Year.
Including these colors in collections can resonate deeply with consumers. Additionally, designs that incorporate traditional elements with a modern twist can be particularly attractive.
In general, it seems that the Asian market is attracted to fashion that combines:
- Fusion of Cultures: Designs that mix traditional Asian elements with modern European trends.
- Sustainability and Quality: We find an increasing focus on sustainable practices and high-quality materials.
- Casualization and Athleisure Fashion: There is a growth in preference for casual and elegant outfits in Asia. Brands like Lululemon have seen a significant increase in sales in these markets, indicating a shift toward more casual clothing.
- Accessible and Premium Luxury: There is a growing demand for accessible luxury brands, balancing price, design and quality.
Is your brand ready? If so, here we leave you an infallible strategy for this Lunar New Year
Marketing Strategy for Lunar New Year
Products
If you don't have a special capsule collection for this date, try choosing pieces from your collection that have a fusion style between Asian and European or that use traditional and meaningful colors (such as red and gold) in the designs.
If this is your first year celebrating LNY with your brand, we recommend that for future years you generate a small capsule collection for this celebration.
Social Network:
Thematic Organic Content: Publications that highlight the fusion of European fashion with traditional Asian elements. Include stories behind each design, emphasizing quality and accessible luxury.
Influencers and Local KOLs: Collaborate with fashion influencers in Asia to increase credibility and reach.
E-mail marketing:
Newsletter : Emails segmented by country and preferences, highlighting special collections for the Lunar New Year.
Storytelling and Exclusive Offers: Narratives that connect emotionally, including special promotions for subscribers.
Digital Advertising:
Ads on Key Platforms: Focus on popular platforms in Asia such as WeChat and KakaoTalk, although, if you do not have them within reach, you can do so on YouTube, Tiktok and Instagram, which are also networks widely used by Asian consumers of European fashion.
Messages of Empathy and Exclusivity: Communicate how the collections capture the essence of the Lunar New Year, while maintaining a sophisticated and exclusive tone.
Before launching into a sales campaign, generate hype for the collection.
For affordable luxury fashion brands, the Lunar New Year is not just a sales season; It is an opportunity to engage in cultural and emotional dialogue with an expanding Asian market. The key is a comprehensive strategy that covers social networks, email marketing and advertising. If you have not yet entered this market and are looking for experts,
contact us
