The poll by market research firm Ipsos found that Chinese buyers preferred to shop on the mainland for luxury goods in five of its seven categories — watches, cosmetics, clothes, shoes, and wines and cigars.
While much has been made of China’s ever-growing appetite for luxury items, a new report suggests that more than ever it is the nation’s children who are being pampered with goods from the world’s elite brands.
The Hong Kong-based consultancy Albatross Global Solutions claims that 60 percent of a group of 900 Chinese consumers surveyed said they spent more than 3,000 yuan ($470) per month on luxury items for their children, up from the previous year’s 40 percent who had said the same.
A special edition of the Lamborghini Gallardo LP560-4, named the Gold Edition, has been officially presented to the public in China, at the Shenzhen Hong Kong Macau International Auto Show.
Chinese consumers will be the leading buyers of luxury goods brands by 2015, snapping up pricy items at home and abroad, according to a study published Tuesday by the Boston Consulting Group.
“We predict that by 2020, more than 330 cities in China will have the same level of disposable income that Shanghai had in 2010, and that by 2015, China will become the world’s largest luxury market,” the BCG said.
British fashion label Paul Smith is planning to open 24 stores in China over the next five years in its second attempt at tapping the country’s booming luxury market.
The brand will open a flagship store in Shanghai in December under a five-year partnership deal with Hong Kong-based distributor ImagineX.