Chinese consumers make more than 30% of luxury purchases
19/10/2015
While Chinese consumers barely registered in the luxury market 10 years ago, they now make up more than 30% of purchases in a market expected to reach around $259 billion this year.
The survey showed since a government clampdown on lavish spending in 2013, around two-thirds of purchases are made overseas, where the same good can be 50% cheaper.
Consumers are also starting to favour lesser known brands, although Valentino, Dolce & Gabbana, Givenchy, Chloe and Miu Miu remain popular.
"While they used to purchase luxury products to show off their wealth, now they want to show their good taste, their personal choice of the best the luxury industry can offer," Daniele Zito, from consultancy Bain & Co, told Reuters.
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