China’s Millennials aged 20-34 are the primary driver of Luxury purchase in China. Half of this audience has an income of at least RMB 300k per year. They purchase more impulsively (and return products more frequently) than in the past, and rely more on word of mouth when seeking new purchases. This is the new affluent Chinese consumer and the primary target for brands looking for a slice of China’s market for luxury and lifestyle products and services.
Most Chinese Make Their First Luxury Purchase at Age 20-34
Millennials are major contributors to luxury growth. They purchase luxury goods at an earlier age and buy luxury goods more frequently than other age groups.
Chinese Millennials Purchase the Most Luxury Products
In 2017, on average, Millennials have purchased more luxury products than all other age groups combined. They are the foundation of the luxury industry now and in the future.
Chinese Millennials Plan to Purchase More Luxury Products
93% of Millennials surveyed stated they would purchase more luxury goods in the next 3 years. Combined with other buying trends, Chinese Millennials will make up the bulk of purchases for the foreseeable future.
This post first appeared on Digital And Social Media News – SocialbrandWatch, please read the originial post: here
