China’s under-30s shoppers to drive decade of luxury consumption

Dec 14 , 2017

Chinese millennials walk past advertisement featuring teen idol Lu Han, also known as China's Justin Bieber in Beijing Photo: AP

Millennials and Generation Z, born in 1980s and ’90s, who make up nearly half nation’s buyers of high-end goods, also turn to less famous brands, says report

China’s millennials and Generation Z will be the dominant drivers of luxury consumption over the next decade, a report suggests.

The country’s millennials – those people born between 1985 and 1995 – Generation Z – people born after 1995 – accounted for 34 per cent of its discretionary disposable income – those funds left after people have paid their taxes and essential living expenses – in 2015.

Kris Wu, one of China’s most celebrated singers and actors, who has also become a fashion icon and a highly sought-after luxury brand ambassador.

However, this figure is forecast to increase to 50 per cent by 2025. the 2017 Chinese Luxury E-Commerce Whitebook report said.

The report published by Secoo, Asia’s largest high-end e-commerce platform, and Tencent, the country’s largest data company, also shows that 48 per cent of mainland China’s luxury shoppers are aged under 30.

Tourists look at products at a jewellery shop in Tsim Sha Tsui during the 'Golden Week' holiday period. Photo: Nora Tam

These under-30s shoppers also increasingly buying smaller, less famous luxury brands – as opposed to high-profile labels – as they seek more personalised shopping experiences,

For example, as hip-hop culture has gradually become more mainstream, this has led to more young people embracing and becoming fans of brands, such as Supreme and Vetements.

Streetwear brand Vetements pops up in Hong Kong for a one-day-only sale.