You knew it was true! But now Bain has crunched the numbers. Chinese account for one in four of global luxury consumers changing the luxury market at home and abroad.
Key figures you luxury marketers should pay attention to:
- Global luxury goods market made up of 25% Chinese nationals
- Asian luxury goods market 50% Greater China nationals (China, Hong Kong, Taiwan)
- China’s own luxury goods market growth slowing in 2012 to around 20% while 2011 was about 30%
- Most Chinese luxury consumers are aged 25-35, considerably younger than US or Europe
- Global luxury e-commerce growing at 25%
- Shifting away from apparel and into accessories
- 40% of global luxury spending now done by tourists
- Nearly half of affluent Americans have a tablet device (get more stats on touch devices)
What are you going to do?
- Do you have services that make these new Chinese travelers comfortable? Ritz Paris has a Chinese concierge.
- Extend your China advertising and marketing budget
- Get a China SEO plan in place now!
- Think about taking China’s UnionPay card – Harrods’ recorded a 40% jump in sales after they did