Xinhua, Beijing :
China’s luxury product sales rebounded in 2017 after about three years of moderation as more young consumers spent on global brand cosmetics and jewelry.
Sales of luxury goods in China hit 142 billion yuan (22.2 billion U.S. dollars) last year, up about 20 percent year on year, the biggest growth since 2011, according to a report by consultancy firm Bain and Co.
Bain attributed the rebound to Chinese government encouragement for domestic consumption, lowered import tariffs as well as moves by global luxury brands to adjust prices.
A survey of 1,170 respondents showed that those aged between 20 and 34 were the major contributors to the warming market.
They are tech-savvy and have deeper understanding of the luxury market with a preference for street casual and fashionable design, the report showed.
Online shopping for luxury products grew significantly last year despite a limited share in overall sales.
China’s luxury product sales rebounded in 2017 after about three years of moderation as more young consumers spent on global brand cosmetics and jewelry.
Sales of luxury goods in China hit 142 billion yuan (22.2 billion U.S. dollars) last year, up about 20 percent year on year, the biggest growth since 2011, according to a report by consultancy firm Bain and Co.
Bain attributed the rebound to Chinese government encouragement for domestic consumption, lowered import tariffs as well as moves by global luxury brands to adjust prices.
A survey of 1,170 respondents showed that those aged between 20 and 34 were the major contributors to the warming market.
They are tech-savvy and have deeper understanding of the luxury market with a preference for street casual and fashionable design, the report showed.
Online shopping for luxury products grew significantly last year despite a limited share in overall sales.
