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88% of luxury growth in China is due to new consumers, according to figures from a new study “The New Faces of Chinese Luxury Shoppers”.
China’s luxury fashion market in 2021 is driven by nearly 1.5 million consumers who each spend more than 40,000 yuan, or, $6,255 a year on luxury goods. According to the report by consulting firm Olivier Wyman, they are responsible for 81% of the industry’s total sales over the past 12 months.
The study “The new faces of Chinese Luxury Shopper” surveyed nearly 3,000 luxury fashion consumers in China. Half of them purchased luxury items (including ready-to-wear, shoes, leather goods and accessories) for the first time between October 2020 and September 2021. 40% of the new luxury consumers surveyed were under 25 years old.
“Many consumers who might have spent money on travel before other things, especially younger Generation Z consumers, have entered the luxury category,” said Imke Wouters, partner at Oliver Wyman.
First time buyers
These young Chinese consumers differ from their elders in the way they purchase their first luxury item. According to Katie Sham, head of retail and consumer goods at Oliver Wyman, 99% of Chinese luxury consumers would have purchased leather goods first. Generation Z, meanwhile, finds itself more likely to buy a ready-to-wear item first.
“We’re not talking about a very expensive jacket from Chanel or an evening gown from Dior, we’re talking about a signature T-shirt,” Katie Sham continues. Chanel (45%) and Dior (38%) are the brands most cited by respondents, but Chinese designer brands also answer the call, such as the local brand Shushu/Tong cited at 11%.
The report also mentions the importance of the sales staff and in particular the sales associate in charge of the customer. Indeed, this would seem to be the major entry point for Generation Z with the luxury brand.
Read Also > CHINA : INVESTORS ARE INTERESTED IN LUXURY RETIREMENT HOMES
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88% of luxury growth in China is due to new consumers, according to figures from a new study “The New Faces of Chinese Luxury Shoppers”.
China’s luxury fashion market in 2021 is driven by nearly 1.5 million consumers who each spend more than 40,000 yuan, or, $6,255 a year on luxury goods. According to the report by consulting firm Olivier Wyman, they are responsible for 81% of the industry’s total sales over the past 12 months.
The study “The new faces of Chinese Luxury Shopper” surveyed nearly 3,000 luxury fashion consumers in China. Half of them purchased luxury items (including ready-to-wear, shoes, leather goods and accessories) for the first time between October 2020 and September 2021. 40% of the new luxury consumers surveyed were under 25 years old.
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88% of luxury growth in China is due to new consumers, according to figures from a new study “The New Faces of Chinese Luxury Shoppers”.
China’s luxury fashion market in 2021 is driven by nearly 1.5 million consumers who each spend more than 40,000 yuan, or, $6,255 a year on luxury goods. According to the report by consulting firm Olivier Wyman, they are responsible for 81% of the industry’s total sales over the past 12 months.
The study “The new faces of Chinese Luxury Shopper” surveyed nearly 3,000 luxury fashion consumers in China. Half of them purchased luxury items (including ready-to-wear, shoes, leather goods and accessories) for the first time between October 2020 and September 2021. 40% of the new luxury consumers surveyed were under 25 years old.
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