Dealmoon’s app
With these Chinese Americans hungry for deals on more than just utilitarian products, Dealmoon has become the largest distributor in the U.S. for many luxury brands.
A rising middle class has helped China become a luxury powerhouse, with consumers there contributing 46 percent of the total luxury spend globally. A Chinese consumption upgrade means that average consumers have an interest in luxury handbags and skincare, wanting better for themselves than what they grew up with.
Chinese consumers are becoming more selective in their purchases, trading up from mass to premium labels as their confidence grows.
A McKinsey report, ?The Modernization of the Chinese Consumer,? found that a significant portion of the population would raise their spending on apparel, travel, personal care and other services if their incomes grew. Representing positive news for international companies, the preferred premium brands in categories such as cars, skincare and fashion remain foreign brands (see story). In China, luxury goods are about 30 percent more expensive, so when Chinese consumers move to a new market, particularly the U.S., they are surprised at how ?cheap? these products are. Adding to this comparable affordability, these newcomers have often left some of their closet behind in preparation for their move and they have less of a social calendar when they arrive, leaving ample time for shopping.
Chinese Americans buy luxury goods in bulk, partly because they are ...