Gen Z Fuels Swarovski’s China Expansion
The luxury landscape in China is evolving, and leading the charge is Gen Z. Their growing demand for high-end affordable goods has prompted luxury brand Swarovski to expand their footprint in this new dynamic market.
Swarovski’s Response
In response to the rising demand, Swarovski has announced plans to open more stores across China. This will not be limited to first-tier cities but will also extend to smaller cities, reflecting the growing purchasing power of Gen Z. By 2024, the brand aims to refurbish 70% of its existing stores, matching the expectations of the new wave of shoppers.
This move is part of a broader effort to position Swarovski at the top of the Chinese market. Alex Nasard, CEO, recently emphasized the importance of this market, stating,
“The recovery in people’s consumption appetite is putting China on track to become Swarovski’s No.1 market”.
As Swarovski continues to expand in Asia, the brand is poised to solidify its position in the market. The future of luxury in China is bright, and Gen Z is at the heart of it all.
Published May 2023