China’s gen Z consumers spend much on luxury goods
Once these luxury brands dominate China, Chinese sky-high tariffs will be beaten, dimming the prospects for future growth. However, Chinese teens do not pay much attention to these problems.
Chinese teens’ shopping behaviours towards luxury goods
The China’s gen Z consumers are said to spend more than $7000 per year on luxury goods, outshining their Western peers. According to Adam Xu, a partner at OC&C Strategy Consultants, this new generation do not care about their career prospects as well as international politics even though there is a trade war between their country and America at the moment. They just spend more and save less for their own life.
Chinese Gen-Zers are showing a marked willingness to buy luxury products compared to many of their Western peers/ Ph: atimes
According to a report from Bain & Co in 2018, young Chinese consumers will account for more than 45 percent of luxury purchases in the market by 2025. Due to the policy of one child each family in China, Gen-Zers tend to receive more financial support from parents than older generations. In addition, Chinese youth often live with their family, therefore, they do not need to worry about their income compared to their peers in Europe.
Young Chinese consumers have more chances to spend money on luxury goods than those in the United States
All in all, the shopping behaviours of Chinese young consumers are understandable. If this trend continues to grow, the number of Gen- Zers spending money on luxury goods will be higher and higher in the future.