By 2025, Chinese consumers will buy as many high-end goods at home as in foreign boutiques. This is supported by Bain&Company’s report entitled “What’s Powering China’s Market for Luxury Goods?” It is destined to change the consolidated image of the Beijing fashion addicted (in search of the best possible price) to shop around the world, so much as to condition the retail of the brands in the Far East and Europe. According to Bain&Co, in the next 7 years the number of luxury purchases made by Chinese at home will reach those made abroad. The transformation is already underway: as a result of the interventions decided by Beijing in recent years, the share of luxury purchases by the Chinese in the People’s Republic has increased from 23% in 2015 to 27% in 2018. The study also looked at Millennials’s attitudes, the new engine of luxury consumption. According to Bain, in China 70% of them rely on their parents’ goods for shopping, compared to 46% of Mexicans, 41% of French and 35% of Americans.
Goodbye to the spendthrift tourist. Bain & Co certifies: by 2025, half of Chinese luxury purchases will be made at home
