The consistent double digit growth of the Chinese economy over the years has brought about a radical change in the consumer tastes in luxury goods. Recent surveys have very clearly shown that the nation not only knows exactly what goods it wants, it most certainly now has the means by which to buy them. The survey released by Bain & Company highlights the fact that China is now the fastest-growing consumer of leather goods and jewelry worldwide.
The luxury market in China has grown 23% this year and is expected to touch 9.2 billion Euros. The survey has also identified the most sought after brands in China. As per the survey brands like Louis Vuitton, Chanel and Gucci are clear winners in the Chinese luxury market. The survey conducted over a year covering a total of 1,500 mainland Chinese consumers, concludes that in bigger cities an average consumer would be spending 2,300 Euros a year on luxury goods.
Unlike Europe or Japan, it is the young who are spending on luxury goods. The luxury brands are aggressively cashing in on the growth in demand. The 15 high end luxury brands covered by the survey have opened 80 new outlets in China in the last 12 months.