Two women inspect a Breguet wrist watch inlaid with 706 diamonds, and priced 1.77 million yuan ($276,563).CHINA DAILY
SHANGHAI & LONDON & NEW YORK–(BUSINESS WIRE)–Chinese millennials and Generation Z are set to become the dominant driver of luxury consumption over the next decade.
The country’s millennials (born 1985 to 1995) and Generation Z (born after 1995) accounted for 34% of discretionary disposable income in 2015 but this is forecast to rise to 50% by 2025, according to the 2017 Chinese Luxury E-Commerce Whitebook report from Secoo, Asia’s largest high-end e-commerce platform, and Tencent, the largest data company in China.
The report ? which leverages Secoo’s unique insight into customers and Tencent’s expertise in big data ? found that almost half (48%) of luxury shoppers in China were under 30. Young generation embrace online
Some 42% of Chinese millennials tend to shop online, compared with 34% of Generation X (born between mid 1960s and early 1980s). The average age is now 25 and, as the desire of young people to shop online shows no abating, this post-90s generation is also becoming another powerful group in luxury consumption.
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This younger generation is highly active using online and social media channels, such as Weibo and WeChat ? with digital media accounting for 76% of where they source the latest luxury information and insight, while traditional media only accounts for 24%.
Chinese consum...