The 2017 Worldwide Luxury Market Monitor, jointly¹ released in October by Bain & Company and Altagamma, revealed the business turnover² of the global luxury market has reached a record high of 1.2 trillion euros (1.4 trillion US dollars), with Chinese consumers contributing to 32 percent of that total, Wednesday News reported.

 

贝恩与意大利奢侈品行业协会10月份联合发布的《2017全球奢侈品市场观察》显示，2017年全球奢侈品市场营业额1.2万亿欧元（1.4万亿美元）创新高，中国消费者贡献了其中32%的份额。

 

McKinsey & Company also mentioned in its 2017 China Luxury Forecast in May, that Chinese consumers make up one-third of global consumption of luxury goods. This number will climb to 44 percent, or 1 trillion yuan (151.5 billion U.S. dollars) by 2025, providing strong momentum³ for the recovery of the global luxury market, they said.

 

According to reports, the Chinese middle class, professional females, and millennials constitute the major buying force for the global luxury market. With an annual disposable income from 10,000 to 16,000 U.S. dollars, the emerging middle class is increasingly becoming the engine for luxury consumption. Female-led consumption in China amounts to 2.6 trillion U.S. dollars, accounting⁴ for 62 percent of the total. While millennials account for 45 percent of the total luxury buyers, according to the Boston Consulting Group.

 

Early data released by McKinsey & Company indicated, taking service and price into consideration, only 70 percent of Chinese consumers buy luxury goods at home. But this trend is reversing as luxury brands have adjusted their marketing⁵ strategies to cater⁶ to the purchasing preferences of Chinese consumers. Taking the advantage of China's booming e-commerce platforms, luxury brands have launched WeChat accounts, opened flagship stores in Tmall.com, and reached cooperative agreements with JD.com. Also, against the backdrop of price globalization, Chinese consumers are seeing a more transparent⁷ and convenient domestic luxury market.

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