Business Of Fashion: Report - 88% Of China’s Luxury Growth Driven By New Consumers

China’s luxury fashion market in 2021 is being propelled by a cohort of 1.5 million consumers who each spend more than 40,000 yuan ($6,255) per year on fashion-related luxury products. As a group, they are responsible for 81 percent of the sector’s total sales over the past 12 months, according to a new research report from consulting firm, Oliver Wyman.

The report, compiled in October after surveying 3,000 mainland luxury fashion consumers, in addition to completing supplementary interviews with luxury brand sales associates working closely with them, also found that 50 percent of this group bought luxury fashion items (including ready-to-wear, footwear, leather goods and accessories) for the first time between October 2020 and September 2021.

According to “The New Faces of Chinese Luxury Shoppers” report, it’s this surge in first-time luxury fashion consumers that will be responsible for 88 percent of China’s luxury fashion market growth in 2021.

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