Consumer Data: Chinese Buy The World'S 46% Luxury

Hong Kong media said that although the luxury market in China was lifeless, the Chinese people still "glow and glow" in the world consumer market. It is reported that the Chinese will continue to be the biggest consumers of luxury goods industry this year, and they will buy 46% of the world's luxury goods.

Shanghai's wealth and Quality Research Institute's latest China luxury report 2015 predicts that the Chinese will spend 117 billion dollars on luxury goods this year, an increase of 9% over the same period, of which 78% of the luxury consumption is overseas, with consumption of 91 billion dollars, an increase of 12% over the same period last year.

But in China, luxury consumption is estimated to account for only 10% of the world's total consumption this year, down 1 percentage points from 11% last year.

Luxury items included in the above report include jewelry, watches and

And clothes, but not vehicles, yachts, planes or artworks.

Zhou Ting, President of the Institute of wealth research, said that a top watch brand had not sold a watch in the past year, but she refused to name the brand.

She said that more than 80% of the international luxury brands closed their stores in the mainland of China, and the situation is expected to deteriorate.

"We anticipate that over the next year, more than 95% of the brands will close some of their stores, and other stores will upgrade to replace them with experience and service centers."

The latest example is LV (LV), which closes 3 stores in the mainland, including its first store in Guangzhou.

Zhou Ting said that 5 years ago, Chinese consumers were willing to buy luxury brands locally because they did not know the existence of overseas markets and could not go there.

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Now, Chinese travel abroad more frequently, and they compare products around the world.

Another option for luxury brands is to offer tailored services.

Over 80% of luxury brands have launched similar services in the past year.

According to the report, tailored luxury goods will be a growth point in the future.

The Institute of wealth research conducted a survey of over 3800 mainland residents with assets over 5 million yuan. The results showed that luxury brands were less effective for these rich people than they used to be.

About 40% of respondents said that brands were important, but not their primary consideration in consumption.

On average, 10% to 20% of the family's spending on luxury is spent on luxuries.

On the other hand, Zhou Ting also said that luxury brands have begun to focus on the consumer experience and start to touch other industries, such as wearable equipment and catering, in order to retain old customers and attract new people.

For example, Gucci (Gucci) opened its first restaurant, "1921 Gucci" in Shanghai this summer, while offering price reductions in the mainland stores.