China’s ever increasing economic clout has again been reflected in a survey on consumer tastes in luxury goods which has shown the nation not only knows what goods it wants, it most certainly now has the means by which to buy them.
A report released this week by Bain & Company has claimed China is now the fastest-growing consumer of leather goods and jewelry worldwide.
Its overall luxury market has grown 23 per cent this year, meaning it’s on target to reap some 84.3 billion yuan (9.2 billion euro).
But what the world really wants to know is what are the Chinese after. According to this report, Louis Vuitton, Chanel and Gucci are the most lusted-for brands.
Bain & Company surveyed around 1,500 mainland Chinese consumers and found that those families living in “first-tier” cities such as Beijing and Shanghai, and earning between 5,000 and 15,000 yuan (547 and 1,642 euro) per month, would spend 21,000 yuan (2,300 euro) on luxury goods each year.
In response to this growing lust for spending, the 15 high-end luxury brands polled in the survey revealed they had between them opened 80 new outlets across China in the past 12 months.
And it appears the majority of the money being spent is by consumers ages between 25 and 44 whereas in Japan and Europe most of the cash is splurged by those over 40.
“The younger generation has a relatively higher education level, better knowledge of brands and increasing personal earnings,” Bruno Lannes, a partner with Bain & Company, told the “South China Morning Post.”
China’s most popular brands