Overall, the slowdown of luxury, partially, has been avoided by Chinese consumers to open their pocket books between economic tensions and other factors. Now, a new report states how wealthy buyers in the country are changing their spending habits.
According to the WWD, Consultant firm Oliver Women, according to a May study, 11 % comfortable luxury buyers are planning to spend more on advanced goods. Meanwhile, with a 2 % increase from last year’s data, 26 % of luxury buyers kept their eyes on luxury items to reduce cash on luxury items.
The report covers 2,000 good Chinese consumers in monthly household income, more than 4,193.40 (or 30,000 Renminby, China’s official currency). It is shaken by the nation’s top 7 %. Oliver Women appreciates the basic users who spend more than 5,591.20 (40,000 renamby), while comfortable buyers spend less than this data.
General Z, an age group that played a huge share in luxury costs in 2021, has also changed things due to this economic uncertainty. Instead of slipping on large items like bags, consumers focus more on small pieces like beauty.
“The basic luxury shopper is continuing to spend the basic luxury shoppers, but it is a small group of consumers to focus on the brands. In fact, people are also spending something other than luxury,” told the WWD.
One of the other things that Chinese users are spending is a journey. According to the report, the number of General Z holidays paying for travel is to increase, with both generations and thousands of people looking for short travel and stay in the weekend. And, although the journey outside the nation has not yet returned to the pre -coaned personalities, it should return to the numbers of 2019 by the end of the year. As far as they reduce holiday cash, Oliver Women expects the costs of luxury of passengers overseas will cost 25 % this year’s total high -end.
