THE YOUNG AND WEALTHY ARE DRIVING LUXURY

China now accounts for a third of global luxury spending, with these figures driven by growing ecommerce sales in lower-tier cities. Younger generations like Gen Z (aged 16-22) are key to the growth of China’s luxury market. In the past month alone, 42% of affluent Gen Zs in China have purchased clothes online – more than any other age group and 39% more likely than the average internet user.

Collectively, this young, affluent audience has the potential to shape which brands deserve their (and others’) loyalty, making for powerful advocates in online spaces. It’s no wonder then that around 2 in 5 of this group in China turn to social media for product research. Additionally, close to 3 in 4 affluent Gen Zs in China posted a review online in the past month, 1.2x the average internet user. This not only highlights just how vocal they are when it comes to brands, but it reinforces the importance of social platforms in their purchase journey.