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China set to account for half of high-end sales
Chinese consumers will remain the driving force for the luxury goods market, according to a new study by Bain consultancy that shows they will fuel nearly half of global high-end sales by 2025.
Chinese shoppers will account for 46 percent of global luxury sales of an estimated 365 billion euros (US$412 billion) in just six years, Bain said.
That’s up from one third of all sales of luxury apparel, accessories and cosmetics last year.
Bain partner Claudia D’Arpizio says half of those purchases will be made in China, as price differences between countries fade and brands improve the customer experience in China. Bain said luxury sales this year are forecast to grow 2 percent to 260 billion euros, in figures restated to exclude luxury art, design and decor.
D’Arpizio said that Bain identifies five different generations of luxury goods consumers in the current market, from those born before 1945 whose spending focuses more on experiences than hard luxury, to current teenagers who favor casual wear like expensive sneakers.
“Loro Piana and Balenciaga have different customer bases, while Gucci or Louis Vuitton can be relevant for teenagers or older customers,” D’Arpizio said.
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