China Luxury Report - How Young Chinese Consumers Are Reshaping Global Luxury
China is set to be the engine of luxury consumption globally as young consumers are driving strong growth.
China accounted for more than half of global growth in luxury spending from 2012 to 2018 and is expected to contribute 65 percent of global additional spending by 2025, according to the China Luxury Report 2019. Chinese consumers are expected to nearly double their current luxury consumption to 1.2 trillion yuan (178 billion dollars) by 2025, representing 40 percent of the world’s spending.
Young Chinese consumers are reconfiguring global luxury.
China has 16.9 million consumers of luxury products born in the 1980s and 1990s. They make up 71 percent of the country’s total luxury consumers and accounted for 79 percent of total luxury spending in 2018. Most of these young consumers are new to the market, representing both a tempting opportunity and an implicit imperative for brands to stay current. As a result, opportunities abound because brands seek to capture the attention of consumers in the world’s most lucrative and fastest-growing market.
Date of release: April 2019
English 29 pages, Chinese 29 pages
Table of Content
- China is winning half the luxury world
- China’s young luxury consumers
- What do they want?
- Marketing and engagement
- Channel and sales
- What does it all mean for luxury brands?
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China Luxury Report
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