This article will introduce the top 3 APP used by rich Chinese People. In the digital age, accelerated Chinese HNWi (HNWI: These are High net worth individuals: millionaires with a fortune of more than a million dollars) need more comfort and silence. more information on this report Today, in modern society, very few people live without high-tech tools and have already given in to unprecedented digitalization.
I) Situation : Rich Chinese Consumers
According to Statista, China is the world’s largest social network market with 673.5 million users. Social media and the Internet are an integral part of the life of the Chinese consumer. It, therefore, sits perfectly normal that applications have become a basic extension of their existence.
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II) Chinese Billionaires: Chinese HNWI
China is expected to see its number of millionaires jump by 62% in five years to reach more than 5 million people by 2023.
Thus, the Middle Kingdom would become the second country with the most individuals with more than $1 million in wealth behind the United States.
III) What are the needs of Chinese HNWIs?
High-end consumers now need ever more fluid and comfortable processes. That’s when luxury apps come into effect. They offer access to quality services, high-end products, the latest high-tech gadgets, and the best experiences in a calm and simplified way.
The most widely used luxury applications are those that provide access to a world of privileges with impeccable services, unique events, and exclusive indulgences.
With these new applications, luxury brands can connect more easily with wealthy Chinese consumers.
Most of them use of course WeChat, and little Red Book.
Further reading about
IV) The three applications used by wealthy Chinese
This is a dating app for wealthy people based on the concept of “Tinder but without the poor” according to their creators.
Before the digital age, if you wanted to meet a high-income partner you had to join and go to clubs and establishments renowned for their wealthy clientele. Indeed, today you just have to find a potentially rich partner sitting on your couch.
To access the services of this application, several criteria must be met. Applicants must be sponsored and recommended by a member and then pass the verification and validation phases.
Potential applicants will first have to submit a photo of their Identity card and annual tax returns.
Indeed, only the most beautiful and successful people (income of at least 200,000 euros per year) will be admitted. We know that 41% of members have an annual income of more than $1 million.
For Raffael Krause, Director of Luxy; “Luxy serves the needs of successful and wealthy singles, those who want to meet an equally successful person.”
“Nice” (Instagram from China)
Since 2014, Instagram has been banned in China. Yet Chinese citizens have been as conquered by the platform as the people of the West. The demise of Instagram has left a considerable void in the luxury market that had seen its incredible marketing capacity thanks to the social network.
Nice is therefore considered the main candidate to replace Instagram.
This platform is the best photo-sharing app in China because of its original features: cute stickers and special effects with labels and filters.
The model is based on a tag management system: the user selects his tags and keywords based on the products he wears on a photo. Created by Alex Zhou and Ken Cao, today Nice has 60 million users including about 83.42% women.
Because of its success and visual appeal, more and more luxury homes are including Nice in their marketing strategy.
To date, Nice claims a hundred customers, mainly clothing and beauty brands such as L’Oréal.
Live Auction Art
According to the App Store overview, Live Auction Art is “the fastest tool on the market for collectors and dealers who wish to enter live auctions in auction rooms and find/compare lots and sales results.”
This application has become a must for collectors with its unbeatable operating tools: instant statistics of old auction results and comparison toolbar where users can see art evaluations of competing for auction houses.
The app also offers access to auctions from Christie’s, Sotheby’s, Phillips, K Auction, Bonhams and Seoul Auction.
These different applications are therefore the most used by Chinese HNWIs and allow the luxury market to grow considerably in the country.
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