Chinese eye luxury spending splurge

Updated 2017-08-23 10:00:26 Shanghai Daily

China's luxury online spending is set to account for 13 percent of the total luxury expenditure by 2021, nearly double the 7 percent in 2016, a joint report by CBN Data and Alibaba's retail site Tmall shows.

The report attributes a convenient purchasing process, favorable online experience and quality assurance as the major driving force behind that online shift.

In recent years, luxury items have become part of consumers' daily life.

Consumers born in the 70s and 80s are still the mainstream luxury buyers, but those born in 1995 and after are also rapidly becoming buyers of luxury items especially beauty products and watches.

China remains "an engine of growth" for the luxury category because both the size of the population and the spending power of the middle class continue to grow, consultancy Bain & Co noted.

Last year Chinese consumer spending on luxury items through domestic shopping channels grew 7 percent due to lower import tax and a relaxed policy on imported luxury goods, compared to a 2 percent drop in overseas expenditure.

Tmall's sales data show that purchases of luxury personal care and cosmetics items are rising rapidly while in 2013, luxury sales were still limited to specific categories like liquor and watch, which made up nearly 40 percent of total spending.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 24 2017 13:44:30

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 24 2017 13:44:30

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 24 2017 13:44:30

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords