While the 2020 global luxury market shrank by 23 percent compared to last year, the Chinese luxury market grew by 48 percent. This, combined with the expanding capabilities of the WeChat ecosystem for e-commerce, means that fashion luxury brands have a great opportunity to harness the platform for growth.
With one billion daily active users, WeChat functions as a ”super app,” an online hub for virtually all of its users’ daily online activities, from calling a cab and video chats with friends to transferring money and booking holidays. The release of the WeChat Mini Program (MP) in 2017 ushered in the revolutionary capability to sell on mini apps within WeChat without linking to an outside platform.
WeChat MPs brought in transactions of $123.19 billion in 20201, and August 2020 saw a year-on-year increase in GMV of 115 percent.2 Due to its growth in popularity, WeChat has become essential to global luxury brands.
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