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.
Chinese luxury consumers could spend 1 Trillion RMB by 2025. (Source: McKinsey&Company)
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.
Chinese luxury shoppers are increasingly turning to buy online, according to a recent study published by KPMG. The study conducted surveys with 10,150 Chinese luxury consumers in 2015.
In the study, KPMG found that nearly one third of Chinese luxury consumers would choose to shop from online retailers instead of brick-and-mortar stores.
Chinese luxury shoppers are increasingly turning to buy online.
The respondents’ average spend per luxury item was 2,300 yuan ($350), and the averaged highest amount they would be willing to spending online on each order was 4,200 yuan ($638).
Women products are the main consuming items, according to the study. The best-selling items were cosmetics, women’s shoes, bags, leather products, women’s clothes and accessories.
In terms of the shopping destinations, overseas online retailers were more preferable to domestic ones by the Chinese luxury shoppers. Two thirds of online shoppers responded that they purchase more from aborad.
The foreign exchange is another factor impacting the Chinese luxury online shoppers’ purchasing decisions. KPMG indicated that the Chinese consumers will move fast to take advantage of opportunities presented by changes in foreign exchanges.
Hurun Research Institute‘s latest report shows that Mercedes-Benz owners in China are the country’s most wealthy, while Chinese Infiniti owners have the lowest average wealth.
The average luxury car owners in China is 33.5 years old, and their annual household income is just over $160,318, according to the report. China’s Mercedes-Benz owners have about $1.8 million in household assets.
The report is based on interviews with a group of 800 luxury car owners in 10 cities across China. “Spending money on a nice car is the first outward sign of success for many Chinese. The objective of this report is to highlight the brand image of these luxury cars in China,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
China is expected to overtake the U.S. as the world’s largest premium car market by 2016.