Chinese rich consumers' appetite for luxury products remained robust this year, with strong growth in purchasing power among the younger generations, China Daily reported on Tuesday.
About 46 percent of the survey respondents from the Chinese mainland and 32 percent from Hong Kong said they plan to spend more on luxury products in the next 12 months, the newspaper cited an industry survey by Ruder Finn and Consumer Search Group as saying.
Chinese mainland consumers spent an average of 240,000 yuan on luxury items in 2018, according to the newspaper.
Millennials have been the key consumer target group for almost every luxury brand over the past two to three years. The report found that total spending on luxury goods was on average higher among millennials aged between 26 and 35 over the past 12 months in China.
Most millennials are willing to shop online and use digital channels to obtain brand and product information, according to the report.
"The purchasing attitude of luxury consumers on the Chinese mainland has shifted from 'showing off to outsiders' toward 'improving quality of life for oneself'," Gao Ming, senior vice-president, general manager National Luxury Practice, China, Ruder Finn Asia, was quoted as saying.
Regarding overseas luxury travel, Chinese consumers focus heavily on shopping, allocating nearly 30 percent of their total travel budget to the activity, the report said.
Visitors from the Chinese mainland prefer Hong Kong as both an outbound travel destination and overseas shopping destination, it said.
About 46 percent of the survey respondents from the Chinese mainland and 32 percent from Hong Kong said they plan to spend more on luxury products in the next 12 months, the newspaper cited an industry survey by Ruder Finn and Consumer Search Group as saying.
Chinese mainland consumers spent an average of 240,000 yuan on luxury items in 2018, according to the newspaper.
Millennials have been the key consumer target group for almost every luxury brand over the past two to three years. The report found that total spending on luxury goods was on average higher among millennials aged between 26 and 35 over the past 12 months in China.
Most millennials are willing to shop online and use digital channels to obtain brand and product information, according to the report.
"The purchasing attitude of luxury consumers on the Chinese mainland has shifted from 'showing off to outsiders' toward 'improving quality of life for oneself'," Gao Ming, senior vice-president, general manager National Luxury Practice, China, Ruder Finn Asia, was quoted as saying.
Regarding overseas luxury travel, Chinese consumers focus heavily on shopping, allocating nearly 30 percent of their total travel budget to the activity, the report said.
Visitors from the Chinese mainland prefer Hong Kong as both an outbound travel destination and overseas shopping destination, it said.
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