Chinese account for 25% of world's luxury spend - leatherbiz: Leading Leatherbiz

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Chinese account for 25% of world's luxury spend

07/09/2012
Chinese shoppers account for 25% of global luxury spend, according to a report by bank HSBC – a fivefold increase from 5% in 2007.

"We do not think China's luxury sector is even close to being mature. China remains above all a market where brands are recruiting customers rather than serving repeat ones,” the analysts wrote in the report.

One reason for the marked increase is that companies are opening stores in cities where they did not previously have a presence.

However, the report also noted that only 10% of these luxury purchases are made in China, with Chinese preferring to purchase abroad due to tax and currency advantages.


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