In the latest report about China’s luxury consumers, McKinsey&Company indicated that by 2025, Chinese consumers could account for 44 percent of the total global luxury goods market. By that time, 7.6 million Chinese household will represent 1 trillion RMB in global luxury sales, which would double the amount of 2016 and equivalent to the size of the US, UK, French, Italian and Japanese markets combined in 2016.
In terms of consumer behavior, the report said that Chinese luxury consumers have become much more impulsive when they make buying decisions. One in two of their purchases are decided within a single day. The report also found that “world of mouth” has increasingly played an important role in helping rich Chinese consumers make buying decisions.
More content about this report can be found from here.