Wealthy shoppers in China more confident in luxury spending outlook than US counterparts: report
- More Chinese luxury spenders see themselves maintaining or increasing their luxury spending over the next 12 months compared to those from the US, report says
- US big spenders have mostly splurged on alcohol, dining and hotels during the pandemic, with the Chinese preferring beauty and consumer electronics
Despite the coronavirus pandemic still raging across continents, wealthy luxury consumers in China and the United States are optimistic about their economic well-being, according to a new report by consulting firm Agility Research & Strategy.
Some 82 per cent of affluent Chinese surveyed believe their economic well-being will remain the same or improve over the next 12 months, compared with 78 per cent of wealthy Americans, according to the “Agility TrendLens 2020” report.
That gap, however, becomes more stark when looking at only those who are confident their economic well-being will improve: 55 per cent of Chinese respondents believe that to be the case, compared with only 35 per of American respondents.
This disparity is even greater when looking at their spending habits: while 79 per cent of Chinese respondents see themselves maintaining or increasing their luxury spending over the next 12 months, only 60 per cent of American respondents believe they will do the same.
“The Covid-19 pandemic has lasted much longer in the US, [bringing] health and economic concerns, and [there is] an upcoming election [in November],” explains Amrita Banta, managing director of Agility Research & Strategy.