Quarter of the world’s luxury goods were bought by Chinese people, of which 60% were bought abroad. For the next five years, China’s luxury market will
reach 14.6 billion U.S. dollars, accounting for the amount of the world’s top consumer of luxury goods.

The New Rich in China

Image taken from David SG Goodman's book 'The New Rich in China'

“This year, China will replace the U.S. as the world’s second-largest luxury goods consumption market,” Gucci Group Chief Executive Officer, Robert Polet said,” last year, just the Mainland China wealthy, have bought a quarter of the world’s luxury products.”

For the world’s luxury brands, Chinese tourists have both young and strong consumption potential. Tourism has become an important way to buy luxury goods and statistics show that 60% of the luxury goods are bought in foreign countries. Especially in tour groups to Europe, almost all of the tourists wish to pay a visit to luxury shops.

China is going into a golden age of luxury goods consumption. There are three major reasons. First: China has come out a group of rich class who has
the power to consume. They pursue quality and personalized consumption. Second, among the first affluence group, luxury has created a demonstration
effect, made white-collar workers and small bosses began to pursue, and become a consumption wave.

Finally, many only child step into the society now, their idea of consumption has changed, and family has strength to support their idea. For the Chinese luxury consumption market trends, the industry estimate is that for the next five years, China’s luxury market will reach 14.6 billion U.S. dollars, accounting for the amount of the world’s top consumer of luxury goods.

Source: 2010-01-14 lvyou168.cn

Book image: The New Rich in China – future rulers, present lives, by David SG Goodman

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