According to consulting firm Bain, global sales of high-end luxury such as handbags, shoes and jewelery rose more-than-expected this year thanks to the demand from consumers in China and the younger generation.
According to statistics, in 2017, the luxury goods market, China accounted for 32% of shoppers, more than any other country. Bain predicts that with the steady growth of online sales, the entire luxury goods industry is likely to achieve an annual increase of 4% -5% by 2020.
Reported that Bain believes that born in the early 1980s to the mid-1990s, “Millennials” already account for one-third of the market, after their Generation Z was born in the era of smart phones, has also begun in the luxury Market place.
Luxury brands are increasingly turning to social media or hiring singers and influential people as spokespeople, keeping their products in line with the younger generation’s tastes.