In its annual Affluent Insights Luxury Report, Singapore-based global luxury consultancy Agility Research and Strategy pinpointed key trends for affluent Chinese consumers in 2017. Highlights include:
- Confident Consumers: Chinese luxury consumers are growing increasingly confident in their financial health, with an overwhelming majority (81%) believing they will have more disposable income in the next 12 months. As a result, 81% said they intend to spend more on luxury goods in the next year.
- World Travellers: In the past 12 months, 66% have travelled at least two times for leisure, while only 7% did not travel at all. In the next year, some 85% said they are likely to travel abroad for a vacation.
- Seeking Luxury Abroad: For affluent Chinese consumers, luxury shopping at famous shopping districts is an integral part of their travel experience. Some 75% travel to destinations where they can find luxury products or brands to buy, while 64% report mainly buying from luxury brands when travelling – 11% higher than the 53% who purchase luxury items online in China.
- In Store, Not Online: Indeed, seven in 10 say that they prefer making luxury purchases in store – whether at home or abroad – rather than online, which also indicates that affluent Chinese consumers still enjoy the luxury shopping experience.
For more on the evolving luxury consumer, see Luxury Perspectives Update: The Consumer of 2030.