Chinese shoppers 'biggest spenders on luxury goods'
A quarter of luxury purchases now made by Chinese, as they overtake US in consumer clout
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.
Shoppers from the mainland, Hong Kong and Macau, accounted for a quarter of global luxury sales this year - for the first time surpassing Americans who bought a fifth of the total, according to global consultancy Bain & Company.
"Changes in what Chinese shoppers want are now a central issue for the global luxury sector's largest brands," said Bruno Lannes, a Bain partner and a lead author of the China Luxury Market Study.
In 1995, Chinese shoppers accounted for just 1 per cent of the global luxury market - while Americans accounted for 27 per cent. By 2015, China will account for one-third of the estimated US$175 billion global market for luxury goods, consultancy McKinsey said on Tuesday.
According to its new report, Chinese consumers now account for about 27 per cent of worldwide luxury consumption, estimated at around US$145 billion this year.
The depreciation of the euro and the lower tax and duty in Europe resulted in a 40 per cent price gap between the mainland and overseas markets, Bain said, citing it as a reason for the spurt in luxury buying.
