TENCENT-MARKETING
25.9.2020 12:23:16 CEST | Business Wire | Press release
Since early 2020 when the COVID-19 pandemic broke out worldwide, the luxury market has been hit hard and is expected to decline 25% to 45% compared to the previous year. The Chinese luxury market, however, which has benefitted from successful domestic control of the pandemic and has taken the lead in recovery against a depressed global market environment, is forecast to grow from 20% to 30% in the whole year of 2020. Thanks to its stunning market performance, China has become the main battleground of each major luxury brand. In was in this environment that Boston Consulting Group (BCG) joined hands with Tencent Marketing Insight (TMI) to release the 2020 BCG x Tencent Digital Luxury Report , drawing on deep insights into post COVID-19 trends in the luxury market and consumers based on BCG and TMI’s quantitative consumer research and industry experience, as well as TMI’s marketing and big data capabilities.
Crystal Hao, Managing Director & Partner of BCG said, “The luxury market in China was the first to recover from the impact of COVID-19, and is seeing an increasing rebound in local consumption and online channel adoption. The share of pure online purchases has increased to 30%, indicating a shift towards an omni-channel journey. In the post-COVID era, luxury brands need to re-consider the key characteristics of Chinese consumers, think about how to better leverage digitalization enablers to understand and cater to consumers’ needs, and develop a truly omni-channel shopping experience that takes into account both service and experience.”
Hati Lin, Deputy General Manager of Vertical Sales & Operations Department, Tencent Marketing Solution , said, “The digital wave is accelerating the transformation of the luxury industry. Tencent Marketing Solution is committed to breaking the boundaries of conventional marketing and creating a better user experience with innovative marketing and user operation across the omnichannel and full-chain; at the same time, based on its in-depth insights into the local market, Tencent will also provide strategic guidance and practical solutions that are more scientific and valuable for brand operations, helping the industry seize new opportunities and embrace the digital future.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20200925005169/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Axelspace Announces Launch of Seven GRUS-3 Earth Observation Microsatellites, No Earlier Than July 202619.5.2026 10:30:00 CEST | Press release
Enabling Wide-Area, High-Frequency Observation to Expand the Applications of Satellite Data Axelspace Corporation, a leading developer and operator of microsatellites dedicated to realizing its vision of “Space within Your Reach,” announced today that GRUS-3, a set of seven next-generation Earth observation microsatellites, is scheduled to be launched no earlier than July 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519449959/en/ Seven flight model of GRUS-3 next-generation Earth observation microsatellites ©Axelspace The seven GRUS-3 microsatellites will launch aboard the Transporter-17 rideshare mission via Exolaunch, a global leader in launch mission management, satellite integration, and deployment services, from Vandenberg Space Force Base in California, USA. We currently operate five optical Earth observation microsatellites, GRUS-1, under our Earth observation data service, AxelGlobe. With the launch of its
Money20/20 Europe Announces Powerhouse Speaker Lineup Featuring Leaders from Klarna, BBVA, ABN AMRO, Mastercard, eToro, and Revolut19.5.2026 10:10:00 CEST | Press release
Leading voices in payments, banking, and fintech innovation to take the stage in Amsterdam Money20/20, the world’s leading fintech show and the place where money does business, today announced a stellar line-up of speakers for Money20/20 Europe happening on June 2-4 at the RAI in Amsterdam. The show will feature 450+ speakers across six stages, exploring the forces redefining global finance through AI innovation, digital assets, and regulatory transformation. Newly confirmed speakers include some of the most influential voices shaping the future of payments, banking, and financial services: Sebastian Siemiatkowski, Co-Founder and CEO, Klarna. A pioneer in the buy now, pay later revolution, Siemiatkowski has transformed consumer payments and continues to drive innovation in embedded finance and AI-powered shopping experiences. Onur Genç, CEO, BBVA. Leading one of Europe's most digitally advanced banks, Genç is at the forefront of banking transformation, leveraging data, technology, and
Mythic Acquires Videantis, One of Europe’s Leading Digital Processor IP Companies, to Build the World’s Most Energy-Efficient AI Compute Platform19.5.2026 10:00:00 CEST | Press release
Silicon Valley and German engineering unite to create a new AI compute champion for Europe and the world Mythic, a pioneer in analog compute-in-memory and architect of the industry’s most energy-efficient AI acceleration technology, today announced it has acquired Videantis GmbH, one of Europe’s leading digital processor IP companies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519255958/en/ The transaction unites Mythic’s breakthrough analog compute platform with Videantis’ highly differentiated, unified digital processor architecture and production-proven software stack — accelerating Mythic’s delivery of a new class of hybrid AI compute platform with a 100x energy efficiency advantage over conventional GPU-based systems. This deal builds on Mythic’s recently announced agreement with Honda to co-develop next-generation AI chips for future vehicles — a validation of Mythic’s game-changing architecture in one of the wo
Splio Enters a New Phase of Its Regional Development in Southern Europe19.5.2026 09:00:00 CEST | Press release
As consumers integrate AI into their everyday web usage, Splio is strengthening its presence in Barcelona to help companies across the region make CRM a central lever in the age of agentic commerce Splio is strengthening its presence in Barcelona, which is set to play the role of a second headquarters, to drive its development across Southern Europe.Splio is reinforcing governance, teams and resources deployed in the region.With its AI-first CRM, Splio aims to help companies from retail to travel strengthen the business contribution of CRM. A few months after launching its AI-first CRM, Splio is entering a new phase of its development in Southern Europe. Already established for more than 12 years in Spain, Portugal and Italy, the company has chosen to invest further in the region, convinced that it combines economic potential with rapidly evolving digital usage. Antoine Parizot, Splio’s co-CEO, is relocating to Barcelona, where the company’s historic office is based. At the same time,
KfW, Germany’s largest national promotional bank, future-proofs regulatory reporting, by migrating to Regnology Reporting Hub (RRH)19.5.2026 08:33:00 CEST | Press release
Longstanding client transitions to the next-generation RRH solution, delivered on Regnology’s Rcloud architecture Regnology, a leading provider at the intersection of regulatory, risk, and supervisory technology, today announced that KfW Bankengruppe (KfW) is advancing its long-term partnership with the company by electing to migrate to the next-generation Regulatory Reporting Hub (RRH). The solution will be delivered as a cloud-native service on Rcloud, Regnology’s high-performance cloud architecture layer. This strategic move to the modern RRH platform future-proofs the mission-critical reporting functions for one of the world's leading promotional banks. Headquartered in Frankfurt am Main, KfW is a public‑law institution dedicated to supporting sustainable economic, social and ecological development in Germany, across Europe and globally. Regnology’s foresight led to the 2023 launch of Rcloud, its state-of-the-art architecture layer built on Google Cloud, enabling next‑generation so
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom