4 hours ago | By Alice Gividen
Big data meets consumer insights. Experience WGSN.
Dec 15, 2017
By Sandy Chu
China’s luxury story has long fascinated the global fashion industry for its healthy spending in the sector. In line with this fascination, we wanted to share this recent white paper on this topic, as it’s packed with useful insights.
E-commerce platform Secoo in partnership with Tencent Social Ads, its chief data partner, and Deloitte, its chief analysis partner, has launched the 2017 China Luxury E-Commerce Whitebook.
The report explores the development of the country’s luxury e-commerce industry, profiles this segment’s consumers and explores the future challenges that the sector faces. To read the report you can scan the QR code in WeChat below, both Chinese and English versions are available. Or click here, though the digital report is designed for mobile.
Report highlights include:
The growing spending power of Millennials and Gen Z who accounted for approximately a third of the country’s discretionary disposable income in 2015, which is forecasted to reach 50% by 2025
Almost half of China’s luxury shoppers in 2017 were under 30
Y-o-Y luxury sales growth is expected to grow by 7% in 2017 reach an estimated 531 billion renminbi
For this younger shopper, digital media found on social channels such as Weibo and WeChat accounts for approximately 76% of their luxury news with only 24% derived from traditional media sources.
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