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China is Responsible for a Third of Global Luxury Sales: A new survey shows that Chinese youth will continue to splurge on big brands, even as the country accounts for nearly a third (32 percent) of global luxury sales last year. There are a number of first-of-their-kind findings in the report on the survey, conducted by Boston-headquartered Bain & Company, the global management and consulting firm that also has offices in Shanghai, Beijing and Hong Kong.
Some of the more interesting revelations from the findings—they are based on a survey of 1,170 Chinese consumers—include the following:
—Mainland Chinese consumers start to purchase luxury goods at an earlier age than their peers in the West–and they buy more frequently.
—The average age of mainland spenders on luxury goods is about 35, which is 10 years younger than those in developed economies.
—Chinese shoppers account for 32 per cent of the total of $319.6 billion luxury sales consumption worldwide.
—The sales to Chinese shoppers include luxury consumption outside the mainland during their overseas travels and business trips.
(Bain said the young shoppers’ habits are typical of “Moonlight Clan” – those who spend all their monthly salaries, while looking to express their unique personality through distinctive looks. The young adults represent an economic departure from the spending habits of their parents in a country which has been known for its high savings rate.)
—The survey showed that 93 per cent of millennials (individuals 20 to 44 years old) will tend to buy more luxury goods in the next three years.
—Unable to provide a clear-cut figure for the total luxury spending by millennials, Bruno Lannes, a Bain partner, said that their average number of luxury purchases in 2017 hit eight, compared to five by other shoppers.
—Brands also aggressively increased the share of digital marketing spending on millennials in 2017 to woo the digital-savvy young shoppers. Digital marketing spending accounts for about 50 per cent of their total, compared to 35 per cent two years ago, the Bain report said.
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Filed Under: China, Trends & Research
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