In Three Years, China Will Become The World'S Largest Luxury Market.

China will become the world's largest in 2015.

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In June 9th, the Boston consulting company (BCG) released the latest report to make the above prediction, and said that before 2020, the disposable income level of more than 330 Chinese cities will reach the level of Shanghai in 2010.

The report predicts that, thanks to the support of the Chinese market, before the financial crisis, the world will be able to see it before 2014.

It will maintain an average growth rate of 7%.

Main world

Business executives believe that 40% of its global sales come from China.

According to BCG, China's luxury consumption is divided into two parts: foreign tourism consumption and domestic consumption are even, even more than domestic ones.

Luxury consumption comics

The report points out that in luxury consumption, the proportion of experiential luxury consumption has exceeded that of traditional luxury consumption, with the former proportion reaching 55%, including holiday tourism and wine appreciation.

The world's rich have become more fond of making SPA food, instead of simply enjoying luxury bags and luxury cars.

Background: BCG's report examines 8 developed countries (France, Germany, Italy, Japan, South Korea, Spain, the United Kingdom, the United States) and 4 BRICs (Brazil, Russia, India and China), including 1000 rich people.

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Chinese and foreigners prefer shopping to foreigners.

Even in China's booming luxury consumer market, experiential luxury consumption grew by 28% over the same period, while consumption of traditional luxury goods such as jewellery and clothing increased by 22%.

But the report also points out that Chinese consumers prefer to buy luxury items directly compared with the western rich.

The authors explained that the reason for this change is related to the aging of the population.

The western rich born in the boomers are now facing retirement, and their possessive desire for possessions is no longer strong.

However, Chinese consumers are still at the early stage of luxury consumption and still like shoes and cars.

SPA, travel and other experiential luxury consumption are also growing rapidly in China, but the motives behind it are different from those in the West.

The motivation of westerners is to enjoy life, but most Chinese food is a treat or show off.

Luxury travel is also a way for Chinese people to see if they can buy real estate locally or to find private schools for their children.

The report is responsible for humanity.