Bain & Company’s report, Luxury Goods Worldwide Market Study, Fall–Winter 2017, was recently published, with more clear evidence that China is where luxury brands need to be. Their title ‘responding to the Millennial will be key’ is in line with the Luxury Conversation’s briefing of capturing the Luxury Chinese Millennial.
Here are the China breakdowns from the Bain & Co report:
- Globally, the market for luxury grew across all regions, with tourism and local consumption both giving increases.
- China was the leader of luxury consumption, thanks to its ever-growing middle-class and the drive from Chinese Millennials.
- Domestic buying increased by 15%, with a total market size of £25 billion. Overseas spending was at a sizeable 32 percent.
- As was previously forecast in our collection of weighty China luxury market stats, China accounts for 32 percent of worldwide luxury personal good purchases.
- This impacts the region, as Japan’s personal luxury spending increased by 4 percent, thanks to Chinese tourists, with Asia growing at 6 percent. Other global impacts include spirits outperforming wines worldwide, due to the spirits market in China.
Recent insightful reports include Mei.com and KPMG’s joint survey — read about that here with our 5 questions with Mei.com Chairman, Thibault Villet.