The financial crisis has not only reshaped the global economic order, but also deeply influenced people's life concepts and lifestyles, bringing about subtle yet revolutionary changes. In the Chinese fashion industry, a fierce competition is emerging between luxury and mass-market brands. As ordinary consumers, caught between high-end and affordable options, many are now rethinking their choices.
The luxury industry, once a highly profitable sector, has been hit hard by the global financial crisis. Global luxury goods consumption has seen a sharp decline. According to JPMorgan Chase analysts, the luxury market could experience sales drops of at least 4% in 2009. Renowned brand Chanel recently announced plans to lay off 200 employees—equivalent to a 10% reduction in production. Meanwhile, Saito Kazuhiro, editor-in-chief of Vogue Japan, pointed out that the global luxury market was already saturated several years ago. After the collapse of Lehman Brothers, luxury sales plummeted, with brands like Versace in Italy facing even greater challenges than those in Japan. The Japanese luxury market has long since lost its former glamour.
Although China's economy continues to grow, many luxury brands have bypassed the country, opting instead to focus on overseas markets. Even so, their sales remain uncertain. British brand Burberry has resorted to heavy discounts, with some items sold at as low as 1.5 times the original price.
In contrast, the fast fashion industry has surged in popularity during the economic downturn. Consumers are increasingly turning to more affordable, stylish options. Credit Suisse analysts noted a 10% drop in luxury sales in the first half of the year. This gap has been filled by fast fashion giants like Zara, H&M, Uniqlo, and Muji. These brands, originating from Europe and the U.S., have gained global traction through their low prices, trendy designs, and efficient supply chains.
Fast fashion brands have adopted strategies similar to luxury brands, often opening flagship stores in high-end shopping districts, just next to luxury retailers. This approach has made them the biggest winners during the crisis. In China, this trend is evolving rapidly, with local brands such as CROBI, San Fu, E, and Susie following a unique path. Operating on a "short, flat, and fast" model, they target second- and third-tier cities, meeting the demand for affordable, fashionable clothing.
Today’s Chinese consumers are becoming more rational in their clothing choices. They no longer blindly chase high-end brands and instead seek personalized styles that reflect their individuality. Younger generations, in particular, are more open to new trends and willing to experiment. Surveys show that only 3% to 8% of consumers are willing to spend on expensive clothes, while the majority prefer mid-to-low priced options.
As a result, low-cost yet stylish fashion has become a new trend. CROBI, for example, exemplifies this shift. A French brand now operating in China through Guangzhou Sejong Clothing Co., Ltd., CROBI positions itself as a blend of international design and affordability. While avoiding the crowded first- and second-tier markets, it targets the vast third-tier cities, offering a mix of fashion and value. Its lower prices and trendy designs have made it a popular choice among a wide range of consumers.
Though luxury brands have entered China, their presence is mostly limited to major cities. In the broader second- and third-tier markets, low-cost fashion is quickly becoming the preferred choice for consumers.
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