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January 22, 2018

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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.

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