Chinese shoppers still plan to splurge on luxury
A recent survey has shown demand for luxury goods will remain high this year on the Chinese market despite widespread concerns of a slowdown.
The survey of 1385 affluent Chinese shoppers by research firm CSG and public relations agency Ruder Finn showed that almost half of Chinese consumers in the market intend to spend more on luxury purchases this year.
Despite the result, CSG’s executive director Simon Tye stated a softening in the market trend compared with previous years, commenting: “Over the last few years, we saw Chinese confidence going up and up … For the first time in a long time, we are not seeing major growth sentiment in China.”
Chinese shoppers account for a third of the US$1 trillion global market for luxury products.
Luxury stocks have fallen within the last month across the board following a cut in Apple’s quarterly revenue outlook blamed on slow growth in the territory.
“Affluent consumers are still optimistic, however the energy is a little bit duller this year,” added Tye.
Meanwhile, luxury Swiss watchmakers are less optimistic about Chinese shopping intentions in the year ahead, suggesting tourists might spend less, but hoping more will be spent on the mainland.