?Chinese people now have more channels to purchase luxury goods, like overseas travel and e-commerce platforms.? (Reuters)
Buying luxury items is becoming the choice for an increasing number of shoppers in China, a trend has made the country a top contributor to the global luxury goods market, the media reported on Saturday.
Buying luxury items is becoming the choice for an increasing number of shoppers in China, a trend has made the country a top contributor to the global luxury goods market, the media reported on Saturday. According to official data, Chinese shoppers spent over 500 billion yuan ($74 billion) in 2016, taking one-third of the world?s total sales volume, reports the People?s Daily.?Last year, the world?s luxury industry shrunk because of the sluggish economy and people?s decreasing confidence in a reviving economy. However, China?s booming middle class and the comparatively stable environment is boosting luxury consumption,? a senior analyst said. ?Chinese people now have more channels to purchase luxury goods, like overseas travel and e-commerce platforms.? The huge potential in China draws the attention of industry powers, the People?s Daily reported. For example, LVMH (Moet Hennessy Louis Vuitton) ? the leading group in the luxury industry ? has started to explore the Chinese market on a more localised basis.In 2016, LVMH generated a new skin care brand tailored to the Chinese market employing ?the spirit of the tea? as their selling point, which is famil...