Chinese Bought a Third of World's Luxury Goods Last Year, McKinsey Says(Yicai Global) April 26 -- Chinese consumers accounted for a third of the world's spending on luxury items last year, a new report shows.
They spent CNY770 billion (USD114.2 billion) on high-end goods, with each household splashing out an average of almost CNY80,000 (USD11,880), according to the findings of a report by New York-based global management consultancy McKinsey & Company. Between 2012 and 2018 more than half of global growth in the sector came from China.
The report goes on to predict that the country's consumers will account for 65 percent of high-end retail purchases in 2025, spending CNY1.2 trillion.
Adults born in the 1980s made up the biggest group of China's upscale spenders. Those born in the 1990s accounted for nearly one-third of the total. Almost 70 percent of those born after the 1990s said high-end items complement their lifestyles, help them to express themselves, and make them feel unique.
Top fashion brands are taking steps to further tap this lucrative market by embracing digital. Some traditional luxury goods makers are collaborating with online celebrities to debut new products, as well as using creative techniques such as games to target young consumers, the report added.
Editor: Emmi Laine
