Luxury Spending Of Chinese Consumers Is Predicted To Increase
The rise of China’s luxury market
According to Agility Research’s 2019 Affluent Insights study, the Chinese luxury consumer is optimistic about 2019 and is looking to spend on luxury goods as well as travel despite a host of concerns. Agility surveyed more than 1,000 affluent Chinese consumers with annual household earnings of at least $59,000, including 300 millionaires.
And the results were surprising. Although China is in the trade war, 72% of respondents believe their disposable incomes will rise in the next 12 months. 50% of them expect to spend more on luxury items. Jewelry and accessories were mentioned as the most desired items the most favorite items, followed by watches and cars.
The spending for travel of affluent Chinese consumers has increased from 24% in 2018 to 31% now. This figure includes tickets, accommodations and experiences. The trend of travel is going abroad which takes 59%. In fact, a Chinese high-net-worth individual took 2.9 leisure trips in 2018 on average. Besides, they also become more active with interests in outdoor activities such as camping, skiing, surfing, mountain climbing,… to indoor ones.
Spending on travel is on the rise /Ph: chinesetouristagency
The affluent Chinese consumers not only are active when travelling, but also in their real lives. They take more exercises as well as other ways of staying healthy. 40% consider going to the gym a top hobby and 24 percent participate in yoga.
The rich Chinese will spend more on luxury things like travel,… but they do reduce the oversea shopping. Unless they take advantage of the better price.
Now you know about the prediction about Chinese luxury market in the next year. Let’s follow our blog to get more information about other markets in the world.