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China’s luxury growth driven by new consumers

China’s luxury growth driven by new consumers

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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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