According to new reports by McKinsey and Bain & Company, Chinese consumers have overtaken the U.S. shoppers as the world’s biggest buyers of luxury goods.
China’s big spenders have finally made it to the top of the league table: according to reports published on Wednesday by McKinsey and Bain, mainlanders are now the world’s biggest luxury buyers – even if they choose to do more and more of their shopping away from home. Read more at the Financial Times.
China’s luxury market — and the global phenomenon of “trading up” — are well known. Yet when China’s consumer markets recently experienced short terms blips, several doubters promptly questioned the pace of their long term growth. Read more at HBR.
Chinese consumers have overtaken U.S. shoppers this year to become the world’s biggest buyers of luxury goods, accounting for 25 percent of global sales through purchases at home and overseas, consultancy firm Bain & Co. said. Read more at Bloomberg.
BEIJING: Shoppers from China are due to increase their spending on luxury goods to over RMB370bn ($59.2bn) in 2015, boosting companies at home and abroad, a study from McKinsey has predicted. Read more at WARC.
Chinese shoppers this year emerged as the biggest spenders in the global luxury market, thanks largely to their sprees in Europe and the United States. Read more at SCMP.
It’s official: The Chinese have surpassed Americans as the largest buyers of luxury goods, Bloomberg is reporting. Read more at Fashionista