Young buyers propel luxury sales in 2017

Advanced Search

The story appears on

Page A10

January 22, 2018

GET this page in PDF

Free for subscribers

View shopping cart

Young buyers propel luxury sales in 2017

Source: Xinhua | 00:01 UTC+8 January 22, 2018 |

Print Edition

CHINA’S luxury product sales rebounded in 2017 after three years of moderation as more young consumers spent on global brand cosmetics and jewelry.

Sales of luxury goods in China hit 142 billion yuan (US$22.2 billion) last year, up about 20 percent year on year, the biggest growth since 2011, said a report by Bain and Co.

Bain attributed the rebound to the Chinese government encouragement for domestic consumption, lower import tariffs and moves by global luxury brands to adjust prices.

A survey of 1,170 respondents showed that those aged between 20 and 34 were the major contributors to the warming market due to their tech savviness and deeper understanding of the luxury market with a preference for street casual and fashionable design.

Online shopping for luxury products grew robustly last year despite a limited share in overall sales. More luxury brands launched official online shopping sites and spent more on digital marketing.

Bain sees China’s luxury products sales to keep a strong pace this year.

Consumer

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Young buyers propel luxury sales in 2017

Email this to your friend