Chinese luxury consumers: More global, more demanding, still spending
Even as growth slows, there’s a sizable, and sophisticated, pool of luxury shoppers in China. But brands need to take a new approach to keep them interested.
With luxury consumption dropping in 2016 to its lowest level since 2009, much attention has been focused on one of the biggest forces in global luxury spending: Chinese consumers. As the Chinese economy slows, and growth in luxury consumption cools in China and abroad, there’s a growing concern among industry observers that Chinese consumers are losing their passion for luxury goods.
Could luxury lose its appeal for Chinese consumers? And how will this weigh on the outlook of the global luxury market? These are some of the questions we address in our latest analysis of Chinese demand for luxury goods. For more than eight years, we have been monitoring the evolution of Chinese luxury consumers and their increasing influence on the global luxury-goods market. Our latest research focused on understanding the fundamental attitudes and behaviors of Chinese luxury consumers.
This article, based on our report Chinese luxury consumers: The 1 trillion renminbi opportunity, looks at some of our findings. First we consider the role of Chinese consumers in the global luxury market, then look at ways their buying behaviors have evolved, as well as at shopping patterns at home and abroad. Finally, we present some of the implications for luxury players trying to tap into this market. McKinsey – Read more…