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China’s luxury fashion market in 2021 is driven by nearly 1.5 million consumers<\/strong> who each spend more than 40,000 yuan, or, $6,255 a year on luxury goods<\/strong>. According to the report by consulting firm Olivier Wyman<\/strong>, they are responsible for 81% of the industry’s total sales over the past 12 months.<\/p>\n <\/p>\n The study “The new faces of Chinese Luxury Shopper<\/strong><\/em>” 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.<\/p>\n <\/p>\n “Many consumers who might have spent money on travel before other things, especially younger Generation Z consumers, have entered the luxury category<\/em>,” said Imke Wouters, partner at Oliver Wyman<\/strong>.<\/p>\n <\/p>\n <\/p>\n These young Chinese consumers differ from their elders in the way they purchase their first luxury item. According to Katie Sham<\/strong>, 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.<\/p>\n <\/p>\n “We’re not talking about a very expensive jacket from Chanel<\/strong> or an evening gown from Dior<\/strong>, we’re talking about a signature T-shirt<\/em>,” 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%.<\/p>\n <\/p>\n The report also mentions the importance of the sales staff and in particular the sales associate<\/strong> in charge of the customer. Indeed, this would seem to be the major entry point for Generation Z<\/strong> with the luxury brand.<\/p>\n <\/p>\n <\/p>\n <\/p>\n Read Also > CHINA : INVESTORS ARE INTERESTED IN LUXURY RETIREMENT HOMES<\/a><\/p>\n <\/p>\n Featured Photo : \u00a9 Chanel[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n China’s luxury fashion market in 2021 is driven by nearly 1.5 million consumers<\/strong> who each spend more than 40,000 yuan, or, $6,255 a year on luxury goods<\/strong>. According to the report by consulting firm Olivier Wyman<\/strong>, they are responsible for 81% of the industry’s total sales over the past 12 months.<\/p>\n <\/p>\n The study “The new faces of Chinese Luxury Shopper<\/strong><\/em>” 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.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\nFirst time buyers<\/h2>\n
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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”.<\/h4>\n
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