China is the world’s second largest luxury market, accounting for one third of global luxury consumption (and rising). To better understand customer tastes and trends there, Mazars has released a report and survey, Chinese luxury brand consumers that reveals what drives customers of different generations, genders and locations.
Featuring more than 3,000 responses from four age groups – baby boomers (age 55 to 73), Generation X (39 to 54), Millennials (25 to 38) and Generation Z (aged under 24) – we reveal what they share and what they don’t when it comes to luxury purchases.
We find that Millennials are China’s main consumers of luxury goods today, with Gen Z following closely in second place and with the highest proportion of high-frequency consumers. And while baby boomers and Gen X have established financial security, their childhood experiences have largely led to frugal spending habits. Though the two latter groups show a lower demand for luxury, they still account for a considerable part of the luxury consumption in China (50% of baby boomers buy luxury goods and 67% of Gen X.)