China'S Luxury Consumption Is Expected To Reach US $259 Billion This Year.

Chinese people like to buy luxury goods overseas, contributing more than 30% to the global market. Over 2/3 of Chinese luxury consumption is carried out abroad. There are reports that although China is in a predicament, there is no sign that China's overseas luxury consumption has declined.

According to the October 13th report, Chinese consumers are spending more and more on their own, rather than traveling collectively, and more and more for their own friends and not for their spouses or government officials' spouses.

Just over two years ago, about 1/3 of Chinese luxury goods were gifts, including Rolex watches, Hennessy brandy and

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Reported that Beijing since 2012 launched the fight against corruption and wasteful consumption action has hit the market, and prompted more Chinese people.

This saves money and purchases anonymously.

Analysts estimate that over 2/3 of Chinese luxury consumption is done abroad, mainly in hot shopping cities such as Paris, Milan, London, New York and Tokyo.

Because of the exchange rate, tax rebate and discount factors, luxury goods in these places are priced at more than 50% lower than that in China.

"They used to buy luxury goods to show off their wealth, but now they want to show their good taste and the top commodities that the luxury industry can provide," said Daniele Zito, a consultant at Bain, a consultancy office in Italy.

This is increasingly supportive of their brands that are more suited to their needs and smaller brands. "

More than a dozen from Asia, Europe and the United States.

They did not feel any influence from China's economic difficulties this year.

Analysts say the impact is likely to show up in the coming months.

Reported that the survey indicates that Chinese luxury consumption is increasing overseas, and their changing tastes are related to many new brands.

Luxury consumers in China rarely existed ten years ago, but today they contribute more than 30% to the global personal luxury market, which is expected to reach about $259 billion this year.

According to HSBC's luxury analyst and the flash Dynasty: why the Chinese luxury consumer rule is just beginning, the author of the book, Evan Langbo, predicts that only about 5% of Chinese people have passports, so more people will travel overseas.

Many Chinese consumers go out shopping second or third times. Sometimes the destination is the same place.

This means that they are more likely to be free, so they have more time to try new styles and new brands.

Bertrand Legall, a purchasing agent of Paris spring department store, said: "they have more time to spend and take care of their needs when they are alone."

The company has more than 2000 high consumer customers in its list of customers.

Nearly 70% of them are Chinese.

The bright younger generation

The survey shows that Valentino, Duchin Banna, Givenchy, nutto and miuomew are more favored by Chinese customers.

The rising stars of the clothing industry include Vitoria, Beckham, Alexander McCune and Korean and Japanese brands such as Mo Zuo and OZOC.

"In China, everyone who talks to me is always asking information about new brands," said Sage Brennan, a consultant who advising American brands.

Although China is in a predicament, there is no sign that China's overseas luxury consumption has declined, the report said.

Global blue Union, which provides shopping rebate services, said Chinese tourists' consumption in August and July increased by 65.6% and 73% respectively over the same period last year.

However, China's luxury consumption has dropped sharply, and brands such as Prada, Louis Weedon and Gucci have been hit. They have invested huge sums of money in opening stores.

Overall, the global luxury sector's sales growth has dropped from 7% in 2013 and more than 10% in earlier years to 5% in 2014, the report said.

"Knee skirts and hats"

Reported that in London's Harold department store and Searl rich department store and Paris spring department store purchasing agency said that Chinese tourists are keen on shopping as a cultural experience, and are keen to participate in fashion week and horse racing activities.

Harold, director of Purchasing Department of the department store of Sabrina Cannon, said: "this will enable them to understand the way of life, dress code and etiquette in the UK."

Purchasing agents said that Chinese customers from big cities like Shanghai and Beijing had begun to build "mix up" brand to create personal style, while customers from two or three tier cities in China chose safe "full set of clothes", that is, wear the same brand from head to toe.

Eva Zhang, a luxury department store in Shanghai, says that the typical Chinese luxury customers are new rich people between the age of 25 and 40, many of whom earn money from the Internet based industry.

She said: "this is a very smart, fast learner and well-developed group of people who are shopping for themselves or friends."

Analysts estimate that buying about 20% of overseas luxury goods for other people is about the same.

Although Chanel is the preferred brand, "key opinion leaders", such as celebrities, are helping to popularize new brands among consumers, the report said.

"They will buy brands that are not so famous, but they will only be purchased before they have heard of them," said James Servini, head of purchasing department at Searl rich department store in London.